Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Down on Insider Selling

Spyre Therapeutics, Inc. (NASDAQ:SYRE) gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $97.05, but opened at $83.22. Spyre Therapeutics shares last traded at $87.63, with a volume of 1,081,667 shares changing hands.

Specifically, Director Michael Thomas Henderson sold 20,000 shares of Spyre Therapeutics stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the director directly owned 68,606 shares in the company, valued at approximately $6,860,600. This trade represents a 22.57% decrease in their position. The transaction was disclosed in a legal 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.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SYRE shares. JonesTrading upped their price target on Spyre Therapeutics from $64.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Jefferies Financial Group lifted their price objective on Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Deutsche Bank Aktiengesellschaft boosted their target price on Spyre Therapeutics from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Tuesday. Stifel Nicolaus upped their target price on Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Wells Fargo & Company raised their price target on Spyre Therapeutics from $50.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, April 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $95.83.

Spyre Therapeutics Stock Performance

The company has a 50-day moving average of $75.09 and a 200-day moving average of $50.88. The stock has a market capitalization of $7.57 billion, a price-to-earnings ratio of -41.85 and a beta of 3.05.

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

Institutional Trading of Spyre Therapeutics

Large investors have recently made changes to their positions in the stock. Summit Securities Group LLC purchased a new stake in Spyre Therapeutics during the 1st quarter worth about $28,000. KBC Group NV purchased a new position in Spyre Therapeutics in the 1st quarter valued at about $69,000. Persistent Asset Partners Ltd purchased a new position in Spyre Therapeutics in the 4th quarter valued at about $74,000. ABS Direct Equity Fund LLC acquired a new stake in shares of Spyre Therapeutics during the 1st quarter worth about $141,000. Finally, Royal Bank of Canada boosted its stake in shares of Spyre Therapeutics by 63.5% during the 1st quarter. Royal Bank of Canada now owns 3,250 shares of the company’s stock worth $164,000 after purchasing an additional 1,262 shares during the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

About Spyre Therapeutics

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.