Spyre Therapeutics (NASDAQ:SYRE) Sets New 1-Year High – What’s Next?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) reached a new 52-week high during trading on Thursday . The stock traded as high as $38.16 and last traded at $37.98, with a volume of 564792 shares changing hands. The stock had previously closed at $36.60.

Analyst Ratings Changes

SYRE has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Spyre Therapeutics in a research note on Monday, December 29th. Citigroup initiated coverage on Spyre Therapeutics in a research note on Wednesday, December 17th. They set a “buy” rating and a $64.00 target price for the company. JonesTrading 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 note on Monday, December 1st. Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, BTIG Research reissued a “buy” rating and set a $70.00 target price on shares of Spyre Therapeutics in a research note on Friday, January 16th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Spyre Therapeutics has an average rating of “Buy” and a consensus price target of $53.88.

Spyre Therapeutics Stock Up 3.2%

The stock’s 50-day moving average price is $33.14 and its 200 day moving average price is $25.01. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -17.32 and a beta of 3.15.

Insiders Place Their Bets

In other news, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 657,540 shares in the company, valued at $21,567,312. The trade was a 2.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have sold 45,000 shares of company stock valued at $1,387,500. Company insiders own 15.43% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. increased its holdings in shares of Spyre Therapeutics by 197.7% in the 4th quarter. Invesco Ltd. now owns 150,934 shares of the company’s stock valued at $4,945,000 after acquiring an additional 100,232 shares during the last quarter. VARCOV Co. acquired a new position in Spyre Therapeutics in the fourth quarter valued at $262,000. Virtus Investment Advisers LLC grew its holdings in shares of Spyre Therapeutics by 23.2% during the fourth quarter. Virtus Investment Advisers LLC now owns 7,913 shares of the company’s stock worth $259,000 after purchasing an additional 1,488 shares during the last quarter. Susquehanna Portfolio Strategies LLC increased its position in shares of Spyre Therapeutics by 144.3% during the fourth quarter. Susquehanna Portfolio Strategies LLC now owns 53,101 shares of the company’s stock worth $1,740,000 after purchasing an additional 31,362 shares in the last quarter. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Spyre Therapeutics during the fourth quarter worth about $332,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

About Spyre Therapeutics

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.