Spyre Therapeutics (NASDAQ:SYRE) Sets New 52-Week High – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $79.75 and last traded at $78.98, with a volume of 494000 shares trading hands. The stock had previously closed at $75.08.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SYRE. Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. BTIG Research boosted their price objective on Spyre Therapeutics from $70.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Leerink Partners boosted their target price on Spyre Therapeutics from $49.00 to $106.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Deutsche Bank Aktiengesellschaft boosted their target price on Spyre Therapeutics from $102.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, Stifel Nicolaus boosted their target price on Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $91.33.

Spyre Therapeutics Trading Up 5.6%

The business has a fifty day simple moving average of $68.29 and a 200 day simple moving average of $47.14. The stock has a market capitalization of $6.89 billion, a P/E ratio of -38.04 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.08). As a group, research analysts forecast that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current year.

Insider Buying and Selling

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $71.06, for a total transaction of $532,950.00. Following the completion of the sale, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at approximately $6,963,453.64. The trade was a 7.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $70.43, for a total value of $1,056,450.00. Following the sale, the chief executive officer directly owned 597,540 shares of the company’s stock, valued at $42,084,742.20. This represents a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 247,124 shares of company stock valued at $17,237,760. Company insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Summit Securities Group LLC purchased a new position in shares of Spyre Therapeutics in the 1st quarter worth approximately $28,000. KBC Group NV purchased a new position in shares of Spyre Therapeutics in the 1st quarter worth approximately $69,000. Russell Investments Group Ltd. boosted its stake in shares of Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after buying an additional 4,092 shares during the last quarter. Persistent Asset Partners Ltd purchased a new position in shares of Spyre Therapeutics in the 4th quarter worth approximately $74,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after buying an additional 3,725 shares during the last quarter. 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.