Spyre Therapeutics, Inc. (NASDAQ:SYRE) Receives Average Recommendation of “Buy” from Analysts

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have been given an average rating of “Buy” by the thirteen analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, ten have assigned a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $90.25.

Several equities research analysts have commented on the company. BTIG Research boosted their price objective on Spyre Therapeutics from $70.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Citigroup boosted their price objective on Spyre Therapeutics from $64.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Wells Fargo & Company boosted their price objective on Spyre Therapeutics from $50.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 14th. Wall Street Zen lowered Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Finally, Raymond James Financial assumed coverage on Spyre Therapeutics in a research note on Monday, April 13th. They set a “strong-buy” rating and a $80.00 price objective for the company.

Spyre Therapeutics Trading Down 1.8%

NASDAQ:SYRE opened at $75.04 on Wednesday. Spyre Therapeutics has a 12 month low of $13.93 and a 12 month high of $78.80. The stock has a 50 day moving average of $55.40 and a two-hundred day moving average of $39.78. The firm has a market cap of $6.52 billion, a P/E ratio of -36.08 and a beta of 3.12.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). On average, research analysts forecast that Spyre Therapeutics will post -2.75 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Sheldon Sloan sold 78,333 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $71.50, for a total value of $5,600,809.50. Following the completion of the sale, the insider directly owned 78,333 shares in the company, valued at $5,600,809.50. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $71.37, for a total value of $1,070,550.00. Following the completion of the sale, the chief executive officer owned 612,540 shares of the company’s stock, valued at $43,716,979.80. This trade represents a 2.39% 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. Insiders have sold 233,791 shares of company stock valued at $15,757,860 over the last ninety days. 15.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Large investors have recently made changes to their positions in the stock. HighVista Strategies LLC grew its position in shares of Spyre Therapeutics by 91.3% in the third quarter. HighVista Strategies LLC now owns 215,746 shares of the company’s stock valued at $3,616,000 after purchasing an additional 102,941 shares in the last quarter. Candriam S.C.A. grew its position in shares of Spyre Therapeutics by 64.4% in the third quarter. Candriam S.C.A. now owns 404,362 shares of the company’s stock valued at $6,777,000 after purchasing an additional 158,332 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Spyre Therapeutics by 483.7% in the third quarter. JPMorgan Chase & Co. now owns 275,984 shares of the company’s stock valued at $4,625,000 after purchasing an additional 228,705 shares in the last quarter. AlphaQuest LLC grew its position in shares of Spyre Therapeutics by 1,485.1% in the third quarter. AlphaQuest LLC now owns 66,163 shares of the company’s stock valued at $1,109,000 after purchasing an additional 61,989 shares in the last quarter. Finally, Baker BROS. Advisors LP grew its position in shares of Spyre Therapeutics by 59.6% in the third quarter. Baker BROS. Advisors LP now owns 1,000,000 shares of the company’s stock valued at $16,760,000 after purchasing an additional 373,297 shares in the last quarter. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

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.