Wedbush Cuts Spyre Therapeutics (NASDAQ:SYRE) Price Target to $123.00

Spyre Therapeutics (NASDAQ:SYRE) had its price objective cut by equities researchers at Wedbush from $130.00 to $123.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price target indicates a potential upside of 14.57% from the stock’s previous close.

A number of other brokerages have also recently commented on SYRE. Deutsche Bank Aktiengesellschaft set a $127.00 price target on shares of Spyre Therapeutics in a research report on Wednesday. BTIG Research dropped their price objective on shares of Spyre Therapeutics from $132.00 to $121.00 and set a “buy” rating on the stock in a report on Wednesday. Robert W. Baird set a $120.00 price target on Spyre Therapeutics in a report on Wednesday, August 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Thursday, June 4th. Finally, Stifel Nicolaus boosted their price objective on Spyre Therapeutics from $92.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Spyre Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $109.69.

Spyre Therapeutics Stock Up 0.7%

Shares of SYRE stock opened at $107.36 on Wednesday. The business has a fifty day simple moving average of $98.16 and a 200 day simple moving average of $71.79. The company has a market cap of $9.44 billion, a P/E ratio of -55.06 and a beta of 3.03. Spyre Therapeutics has a twelve month low of $14.51 and a twelve month high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.40. As a group, equities research analysts anticipate that Spyre Therapeutics will post -2.62 earnings per share for the current fiscal year.

Insider Transactions at Spyre Therapeutics

In related news, 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 sale, the insider owned 8,334 shares of the company’s stock, valued at approximately $730,891.80. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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 company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $70.43, for a total value of $1,056,450.00. Following the sale, the chief executive officer owned 597,540 shares in the company, valued at approximately $42,084,742.20. This represents a 2.45% 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. Over the last three months, insiders have sold 142,167 shares of company stock valued at $12,779,292. 15.69% of the stock is currently owned by insiders.

Institutional Trading of Spyre Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Securities Group LLC bought a new position in Spyre Therapeutics in the 1st quarter valued at $28,000. GAMMA Investing LLC boosted its stake in Spyre Therapeutics by 26.8% during the second quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock valued at $59,000 after buying an additional 140 shares during the period. KBC Group NV purchased a new position in Spyre Therapeutics during the first quarter worth about $69,000. Russell Investments Group Ltd. increased its stake in Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after acquiring an additional 4,092 shares during the last quarter. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Spyre Therapeutics in the 4th quarter valued at about $74,000. Institutional investors own 80.39% of the company’s stock.

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.