Spyre Therapeutics (NASDAQ:SYRE) Shares Down 12.7% – Should You Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares fell 12.7% during mid-day trading on Tuesday. The stock traded as low as $83.19 and last traded at $80.9730. 525,932 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 1,100,812 shares. The stock had previously closed at $92.72.

Analyst Ratings Changes

Several research analysts have commented on the stock. Robert W. Baird set a $120.00 price target on shares of Spyre Therapeutics in a research note on Wednesday, August 5th. Wall Street Zen raised shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. Wedbush reiterated an “outperform” rating and issued a $123.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, September 9th. Mizuho boosted their price target on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Finally, BTIG Research reaffirmed a “buy” rating and set a $121.00 price objective on shares of Spyre Therapeutics in a research note on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Spyre Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $109.71.

Spyre Therapeutics Price Performance

The company has a market capitalization of $7.11 billion, a P/E ratio of -41.60 and a beta of 3.10. The company has a 50 day moving average of $95.57 and a 200-day moving average of $82.04.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.40. Research analysts predict that Spyre Therapeutics, Inc. will post -2.71 EPS for the current fiscal year.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $92.01, for a total value of $1,380,150.00. Following the completion of the transaction, the chief executive officer owned 537,540 shares in the company, valued at approximately $49,459,055.40. This represents a 2.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $91.83, for a total transaction of $688,725.00. Following the completion of the transaction, the chief financial officer owned 79,762 shares of the company’s stock, valued at approximately $7,324,544.46. The trade was a 8.59% 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. In the last ninety days, insiders have sold 183,564 shares of company stock worth $16,903,193. 15.69% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Perceptive Advisors LLC boosted its stake in Spyre Therapeutics by 23.3% in the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after purchasing an additional 714,000 shares in the last quarter. Capital International Investors grew its holdings in shares of Spyre Therapeutics by 46.0% during the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock valued at $114,416,000 after buying an additional 1,100,000 shares during the last quarter. Commodore Capital LP increased its position in shares of Spyre Therapeutics by 20.1% during the fourth quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock valued at $78,239,000 after acquiring an additional 400,161 shares in the last quarter. Bank of America Corp DE increased its position in shares of Spyre Therapeutics by 192.6% during the first quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock valued at $61,945,000 after acquiring an additional 808,366 shares in the last quarter. Finally, Candriam S.C.A. raised its holdings in Spyre Therapeutics by 43.4% in the 1st quarter. Candriam S.C.A. now owns 610,282 shares of the company’s stock worth $30,783,000 after acquiring an additional 184,748 shares during the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre’s pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).