Spyre Therapeutics (NASDAQ:SYRE) Posts Earnings Results, Misses Estimates By $0.04 EPS

Spyre Therapeutics (NASDAQ:SYRE) announced its quarterly earnings results on Thursday. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04), FiscalAI reports.

Spyre Therapeutics Stock Down 0.3%

SYRE stock traded down $0.14 during midday trading on Friday, hitting $43.01. The company’s stock had a trading volume of 695,197 shares, compared to its average volume of 724,652. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of -20.68 and a beta of 3.15. The company has a 50 day moving average of $34.43 and a two-hundred day moving average of $26.26. Spyre Therapeutics has a 12 month low of $10.91 and a 12 month high of $45.76.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. JonesTrading raised Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research note on Monday, December 1st. Wells Fargo & Company raised their price target on Spyre Therapeutics from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. BTIG Research reissued a “buy” rating and issued a $70.00 price target on shares of Spyre Therapeutics in a research report on Friday, February 20th. Finally, Mizuho raised shares of Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, December 18th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $53.44.

Insider Buying and Selling

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the firm’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 completion of the transaction, the chief executive officer owned 657,540 shares in the company, valued at $21,567,312. This trade represents a 2.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 45,000 shares of company stock worth $1,387,500 over the last three months. 15.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYRE. RTW Investments LP grew its holdings in Spyre Therapeutics by 15.2% during the 4th quarter. RTW Investments LP now owns 4,171,996 shares of the company’s stock valued at $136,675,000 after purchasing an additional 550,000 shares during the last quarter. State Street Corp lifted its holdings in Spyre Therapeutics by 26.8% during the fourth quarter. State Street Corp now owns 2,262,839 shares of the company’s stock worth $74,131,000 after buying an additional 477,633 shares during the period. Janus Henderson Group PLC raised its holdings in Spyre Therapeutics by 13,969.3% in the fourth quarter. Janus Henderson Group PLC now owns 1,829,009 shares of the company’s stock worth $59,918,000 after purchasing an additional 1,816,009 shares in the last quarter. Geode Capital Management LLC boosted its stake in Spyre Therapeutics by 35.4% in the fourth quarter. Geode Capital Management LLC now owns 1,659,140 shares of the company’s stock valued at $54,362,000 after acquiring an additional 433,987 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Spyre Therapeutics by 8.4% in the third quarter. Wellington Management Group LLP now owns 1,640,312 shares of the company’s stock valued at $27,492,000 after buying an additional 126,834 shares during the last quarter. 80.39% of the stock is currently owned by hedge funds and other 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.