Spyre Therapeutics (NASDAQ:SYRE) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Spyre Therapeutics (NASDAQ:SYRE) from a hold rating to a sell rating in a research report sent to investors on Sunday morning.

SYRE has been the subject of a number of other reports. Guggenheim boosted their target price on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Thursday, June 4th. Citigroup lifted their price objective on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Stifel Nicolaus boosted their price objective on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $111.69.

Spyre Therapeutics Stock Performance

Shares of SYRE stock opened at $107.82 on Friday. The stock has a 50 day moving average price of $95.49 and a 200 day moving average price of $69.16. Spyre Therapeutics has a 52-week low of $14.51 and a 52-week high of $108.62. The firm has a market capitalization of $9.48 billion, a P/E ratio of -55.29 and a beta of 3.03.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.40. As a group, sell-side analysts forecast that Spyre Therapeutics will post -2.62 EPS for the current year.

Insider Buying and Selling at Spyre Therapeutics

In related news, Director Michael Thomas Henderson sold 20,000 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director directly owned 68,606 shares of the company’s stock, valued at $6,860,600. This represents a 22.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 8,334 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total transaction of $730,891.80. Following the transaction, the insider owned 8,334 shares in the company, valued at approximately $730,891.80. The trade was a 50.00% 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. In the last ninety days, insiders have sold 142,167 shares of company stock worth $12,779,292. Insiders own 15.69% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Several hedge funds have recently modified their holdings of SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Spyre Therapeutics by 18.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock valued at $442,000 after purchasing an additional 4,277 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Spyre Therapeutics by 13.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock valued at $708,000 after acquiring an additional 5,723 shares in the last quarter. Rhumbline Advisers boosted its position in Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock valued at $1,095,000 after acquiring an additional 17,145 shares in the last quarter. New York State Common Retirement Fund boosted its position in Spyre Therapeutics by 61.4% during the 2nd quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock valued at $248,000 after acquiring an additional 6,300 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Spyre Therapeutics by 37.6% in the 2nd quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock valued at $519,000 after acquiring an additional 9,473 shares during the period. Hedge funds and other institutional investors 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.