Spyre Therapeutics (NASDAQ:SYRE) Upgraded at UBS Group

UBS Group upgraded shares of Spyre Therapeutics (NASDAQ:SYRE) to a strong-buy rating in a report issued on Sunday,Zacks reports.

Other equities analysts have also recently issued reports about the stock. Robert W. Baird set a $120.00 price target on shares of Spyre Therapeutics in a report on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd. Deutsche Bank Aktiengesellschaft reduced their price objective on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating for the company in a research report on Wednesday, August 26th. Finally, Mizuho boosted their target price on Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.40.

Spyre Therapeutics Stock Performance

Shares of SYRE opened at $80.45 on Friday. The company’s 50 day moving average price is $93.47 and its 200 day moving average price is $83.70. Spyre Therapeutics has a 52 week low of $18.71 and a 52 week high of $110.18. The company has a market capitalization of $8.20 billion, a PE ratio of -41.26 and a beta of 3.10.

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, beating the consensus estimate of ($0.76) by $0.40. On average, equities analysts forecast that Spyre Therapeutics will post -2.71 earnings per share for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In other news, insider Heidy King-Jones sold 28,933 shares of the firm’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the transaction, the insider owned 2,845 shares in the company, valued at approximately $258,980.35. This trade represents a 91.05% decrease in their position. 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, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $92.01, for a total transaction of $1,380,150.00. Following the transaction, the chief executive officer owned 537,540 shares in the company, valued at $49,459,055.40. This represents a 2.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 183,564 shares of company stock valued at $16,903,193. 15.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds have recently bought and sold shares of the business. Summit Securities Group LLC acquired a new position in shares of Spyre Therapeutics during the 1st quarter valued at about $28,000. Integrated Wealth Concepts LLC acquired a new stake in Spyre Therapeutics in the 2nd quarter worth approximately $31,000. GAMMA Investing LLC lifted its holdings in Spyre Therapeutics by 26.8% in the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock worth $59,000 after purchasing an additional 140 shares during the last quarter. KBC Group NV bought a new stake in Spyre Therapeutics during the first quarter worth approximately $69,000. Finally, ABS Direct Equity Fund LLC bought a new stake in Spyre Therapeutics during the first quarter worth approximately $141,000. 80.39% of the stock is owned by institutional investors and hedge funds.

About Spyre Therapeutics

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).