Spyre Therapeutics (NASDAQ:SYRE) Sets New 1-Year High – Still a Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) reached a new 52-week high on Tuesday . The stock traded as high as $51.26 and last traded at $51.20, with a volume of 799248 shares changing hands. The stock had previously closed at $48.98.

Wall Street Analysts Forecast Growth

SYRE has been the topic of several recent research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Wells Fargo & Company raised their price objective on Spyre Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Stifel Nicolaus raised their price objective on Spyre Therapeutics from $70.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, March 18th. Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, December 18th. Finally, Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Two 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.com, the company currently has an average rating of “Buy” and a consensus price target of $60.67.

Spyre Therapeutics Stock Performance

The stock has a market capitalization of $4.02 billion, a price-to-earnings ratio of -24.62 and a beta of 2.93. The company has a fifty day simple moving average of $40.34 and a 200 day simple moving average of $31.40.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Thursday, February 26th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.04). As a group, equities analysts predict that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Sheldon Sloan sold 7,958 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $50.00, for a total value of $397,900.00. Following the transaction, the insider directly owned 7,958 shares of the company’s stock, valued at $397,900. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $49.34, for a total value of $370,050.00. Following the completion of the transaction, the chief financial officer directly owned 97,994 shares in the company, valued at $4,835,023.96. This represents a 7.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 62,958 shares of company stock valued at $2,734,375 in the last ninety days. 15.43% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. lifted its stake 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 purchasing an additional 100,232 shares during the period. VARCOV Co. bought a new stake in Spyre Therapeutics in the 4th quarter valued at about $262,000. Virtus Investment Advisers LLC increased its position in Spyre Therapeutics by 23.2% in the 4th quarter. Virtus Investment Advisers LLC now owns 7,913 shares of the company’s stock valued at $259,000 after buying an additional 1,488 shares in the last quarter. Susquehanna Portfolio Strategies LLC increased its position in Spyre Therapeutics by 144.3% in the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 53,101 shares of the company’s stock valued at $1,740,000 after buying an additional 31,362 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in Spyre Therapeutics in the 4th quarter valued at about $332,000. 80.39% of the stock is owned by institutional investors and hedge funds.

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.