Spyre Therapeutics, Inc. (NASDAQ:SYRE) Given Average Rating of “Buy” by Brokerages

Spyre Therapeutics, Inc. (NASDAQ:SYRE) has been given a consensus recommendation of “Buy” by the thirteen analysts that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, ten have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $91.3333.

Several equities research analysts have issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Spyre Therapeutics from $50.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 14th. Stifel Nicolaus raised their price objective on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. BTIG Research raised their price objective on shares of Spyre Therapeutics from $70.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Citigroup raised their price objective on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group raised their price objective on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 13th.

Insider Activity at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $71.06, for a total transaction of $532,950.00. Following the transaction, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at approximately $6,963,453.64. This trade represents a 7.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 firm’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 transaction of $1,056,450.00. Following the transaction, the chief executive officer directly owned 597,540 shares in the company, valued at $42,084,742.20. This represents a 2.45% 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. Over the last three months, insiders have sold 247,124 shares of company stock valued at $17,237,760. 15.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Seven Fleet Capital Management LP bought a new position in shares of Spyre Therapeutics during the first quarter worth approximately $993,000. Perceptive Advisors LLC increased its holdings in shares of Spyre Therapeutics by 23.3% during the first 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 during the period. Bank of America Corp DE increased its holdings 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 worth $61,945,000 after purchasing an additional 808,366 shares during the period. Stempoint Capital LP increased its holdings in shares of Spyre Therapeutics by 417.7% during the first quarter. Stempoint Capital LP now owns 167,606 shares of the company’s stock worth $8,454,000 after purchasing an additional 135,229 shares during the period. Finally, ADAR1 Capital Management LLC increased its holdings in shares of Spyre Therapeutics by 893.6% during the first quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock worth $17,065,000 after purchasing an additional 304,272 shares during the period. 80.39% of the stock is owned by institutional investors.

Spyre Therapeutics Stock Down 6.2%

Shares of SYRE stock opened at $73.65 on Friday. The firm has a 50 day moving average price of $66.62 and a two-hundred day moving average price of $45.92. The company has a market capitalization of $6.40 billion, a PE ratio of -35.41 and a beta of 3.05. Spyre Therapeutics has a 12-month low of $13.93 and a 12-month high of $79.54.

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

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.