Stifel Nicolaus Forecasts Strong Price Appreciation for Spyre Therapeutics (NASDAQ:SYRE) Stock

Spyre Therapeutics (NASDAQ:SYRE) had its target price boosted by equities research analysts at Stifel Nicolaus from $70.00 to $92.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective points to a potential upside of 114.15% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on SYRE. Wall Street Zen cut shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, December 18th. Citigroup assumed coverage on Spyre Therapeutics in a report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 price objective on the stock. Finally, JonesTrading upgraded Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Monday, December 1st. Two research 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. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $60.67.

Spyre Therapeutics Stock Down 2.3%

NASDAQ:SYRE traded down $0.99 on Wednesday, reaching $42.96. The company’s stock had a trading volume of 231,255 shares, compared to its average volume of 702,721. Spyre Therapeutics has a 12-month low of $10.91 and a 12-month high of $45.76. The stock has a 50 day moving average price of $36.62 and a 200 day moving average price of $28.47. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of -20.67 and a beta of 3.08.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Thursday, February 26th. The company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04). Equities research analysts expect that Spyre Therapeutics will post -4.46 EPS for the current fiscal year.

Insider Transactions at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $32.80, for a total transaction of $492,000.00. Following the sale, the chief executive officer directly owned 657,540 shares in the company, valued at approximately $21,567,312. This represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Scott L. Burrows sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $40.65, for a total transaction of $101,625.00. Following the completion of the sale, the chief financial officer directly owned 97,994 shares in the company, valued at approximately $3,983,456.10. This trade represents a 2.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 47,500 shares of company stock valued at $1,686,675. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Institutional investors have recently modified their holdings of the company. RTW Investments LP raised its stake in Spyre Therapeutics by 15.2% in the fourth quarter. RTW Investments LP now owns 4,171,996 shares of the company’s stock valued at $136,675,000 after buying an additional 550,000 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Spyre Therapeutics by 32.3% in the 4th quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock valued at $132,189,000 after acquiring an additional 984,344 shares during the last quarter. Capital International Investors raised its position in shares of Spyre Therapeutics by 46.0% during the 4th quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock worth $114,416,000 after acquiring an additional 1,100,000 shares in the last quarter. Perceptive Advisors LLC lifted its stake in Spyre Therapeutics by 149.6% during the fourth quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company’s stock worth $100,548,000 after purchasing an additional 1,839,780 shares during the last quarter. Finally, Commodore Capital LP boosted its holdings in Spyre Therapeutics by 20.1% in the fourth quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock valued at $78,239,000 after purchasing an additional 400,161 shares in the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

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.