Spyre Therapeutics (NASDAQ:SYRE) Stock Price Up 8.5% – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price traded up 8.5% during trading on Friday . The stock traded as high as $37.69 and last traded at $37.8160. 277,736 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 596,390 shares. The stock had previously closed at $34.84.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Jones Trading raised shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday, December 1st. BTIG Research reiterated a “buy” rating and issued a $70.00 target price on shares of Spyre Therapeutics in a report on Friday, January 16th. Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spyre Therapeutics in a research note on Monday, December 29th. Finally, Citigroup began coverage on shares of Spyre Therapeutics in a research report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price on the stock. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $53.88.

Spyre Therapeutics Stock Up 6.0%

The company’s 50-day moving average price is $32.95 and its 200-day moving average price is $24.41. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of -16.91 and a beta of 3.15.

Insider Buying and Selling

In other news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $32.80, for a total transaction of $492,000.00. Following the sale, the chief executive officer owned 657,540 shares of the company’s stock, valued at approximately $21,567,312. This represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 45,000 shares of company stock valued at $1,387,500. Company insiders own 15.43% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Several large investors have recently bought and sold shares of the stock. Siren L.L.C. grew its position in shares of Spyre Therapeutics by 122.1% during the fourth quarter. Siren L.L.C. now owns 818,598 shares of the company’s stock worth $26,817,000 after buying an additional 450,000 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Spyre Therapeutics by 35.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 574,622 shares of the company’s stock worth $18,825,000 after purchasing an additional 149,277 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in shares of Spyre Therapeutics by 33.0% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 18,360 shares of the company’s stock worth $601,000 after purchasing an additional 4,551 shares in the last quarter. State Street Corp increased its holdings in Spyre Therapeutics by 26.8% in the fourth quarter. State Street Corp now owns 2,262,839 shares of the company’s stock valued at $74,131,000 after buying an additional 477,633 shares during the last quarter. Finally, Martingale Asset Management L P purchased a new position in Spyre Therapeutics in the fourth quarter valued at $227,000. Hedge funds and other institutional investors own 80.39% of the company’s stock.

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.