Spyre Therapeutics (NASDAQ:SYRE) Receives “Buy” Rating from BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reissued by research analysts at BTIG Research in a report issued on Friday,Benzinga reports. They presently have a $70.00 price objective on the stock. BTIG Research’s price objective indicates a potential upside of 108.61% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. Jones Trading upgraded shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Monday, December 1st. Deutsche Bank Aktiengesellschaft started coverage on shares of Spyre Therapeutics in a research report on Friday, September 26th. They issued a “buy” rating and a $43.00 price objective for the company. Mizuho upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, December 18th. Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Spyre Therapeutics has an average rating of “Buy” and a consensus target price of $53.88.

Spyre Therapeutics Stock Performance

NASDAQ SYRE traded up $0.47 during trading hours on Friday, hitting $33.56. 58,148 shares of the company traded hands, compared to its average volume of 670,291. The business’s 50-day moving average is $30.14 and its 200-day moving average is $22.03. Spyre Therapeutics has a twelve month low of $10.91 and a twelve month high of $35.31. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of -15.32 and a beta of 3.17.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.53. Analysts predict that Spyre Therapeutics will post -4.46 EPS for the current year.

Insider Activity at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $30.68, for a total value of $460,200.00. Following the transaction, the chief executive officer owned 671,907 shares in the company, valued at approximately $20,614,106.76. This represents a 2.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 75,000 shares of company stock worth $1,945,350. Insiders own 15.43% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds have recently bought and sold shares of the business. CWM LLC boosted its holdings in Spyre Therapeutics by 357.8% in the 2nd quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after purchasing an additional 1,338 shares during the period. AlphaQuest LLC increased its holdings in shares of Spyre Therapeutics by 30.8% during the second quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock worth $62,000 after purchasing an additional 983 shares during the period. Russell Investments Group Ltd. raised its position in shares of Spyre Therapeutics by 2,881.7% in the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after buying an additional 4,092 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of Spyre Therapeutics by 25.8% in the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after buying an additional 1,045 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Spyre Therapeutics by 182.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after buying an additional 3,725 shares during the period. 80.39% of the stock is owned by institutional investors.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of novel immunotherapies for cancer. The company leverages proprietary protein engineering and biologics design platforms to create targeted molecules intended to enhance anti-tumor immune responses and inhibit tumor growth. Its preclinical pipeline comprises multiple candidate therapies for solid tumor and hematologic oncology indications.

Established by a team with deep expertise in protein design, immunology and translational research, Spyre Therapeutics collaborates with leading academic institutions and research organizations to accelerate its discovery efforts.