Spyre Therapeutics (NASDAQ:SYRE) CEO Cameron Turtle Sells 15,000 Shares

Spyre Therapeutics, Inc. (NASDAQ:SYRE) CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $87.29, for a total value of $1,309,350.00. Following the completion of the transaction, the chief executive officer directly owned 552,540 shares of the company’s stock, valued at approximately $48,231,216.60. The trade was a 2.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cameron Turtle also recently made the following trade(s):

• On Monday, August 3rd, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The shares were sold at an average price of $95.51, for a total value of $1,432,650.00.
• On Wednesday, July 1st, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The shares were sold at an average price of $87.69, for a total value of $1,315,350.00.

Spyre Therapeutics Trading Up 0.2%

NASDAQ:SYRE opened at $87.25 on Friday. The stock has a market cap of $7.67 billion, a P/E ratio of -44.74 and a beta of 2.99. The stock’s 50-day moving average is $98.03 and its 200-day moving average is $74.53. Spyre Therapeutics, Inc. has a 1-year low of $14.51 and a 1-year high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.40. As a group, equities analysts forecast that Spyre Therapeutics, Inc. will post -2.62 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Seven Grand Managers LLC bought a new stake in shares of Spyre Therapeutics in the 4th quarter valued at $3,276,000. Capital International Investors lifted 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 valued at $114,416,000 after acquiring an additional 1,100,000 shares during the period. Vanguard Group Inc. boosted its stake in Spyre Therapeutics by 32.3% during the fourth quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock worth $132,189,000 after acquiring an additional 984,344 shares in the last quarter. UBS Group AG grew its holdings in Spyre Therapeutics by 76.5% in the fourth quarter. UBS Group AG now owns 680,566 shares of the company’s stock worth $22,295,000 after purchasing an additional 294,977 shares during the period. Finally, Handelsbanken Fonder AB acquired a new stake in Spyre Therapeutics in the second quarter worth $2,308,000. 80.39% of the stock is owned by institutional investors.

Key Headlines Impacting Spyre Therapeutics

Here are the key news stories impacting Spyre Therapeutics this week:

• Positive Sentiment: Management will participate in the Citi BioPharma Back to School Conference on September 9, the Wells Fargo Healthcare Conference on September 10, and the Stifel Immunology and Inflammation Forum on September 23. Investor meetings and fireside chats could provide updates on Spyre’s clinical pipeline and development plans, potentially helping restore investor confidence. Spyre Therapeutics to Participate in Upcoming September Investor Conferences
• Neutral Sentiment: Spyre’s chief executive, chief financial officer and insider Heidy King-Jones collectively reported sales of approximately 69,000 shares during September 1–2. The transactions were made under pre-arranged Rule 10b5-1 plans, reducing their significance as discretionary signals about the company’s outlook.
• Negative Sentiment: The insider selling is nevertheless a potential overhang. CEO Cameron Turtle sold 15,000 shares, while CFO Scott Burrows sold 25,732 shares in two transactions. Burrows said his sales were made to cover tax-withholding obligations tied to vested equity awards. King-Jones sold 28,399 shares and was left with a substantially smaller position, which could reinforce concerns about insider confidence even though the sales were prearranged. CEO SEC filing CFO SEC filing
• Negative Sentiment: A Zacks review notes that SYRE has declined 16.6% since its latest earnings report, indicating that investors remain cautious following the quarterly update and are looking for new clinical or corporate catalysts before bidding the stock higher. Spyre Therapeutics Down 16.6% Since Last Earnings Report

Analyst Ratings Changes

Several research firms have recently issued reports on SYRE. Wolfe Research downgraded shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Tuesday. Wells Fargo & Company increased their price objective on Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Mizuho raised their target price on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $109.69.

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.