Spyre Therapeutics (NASDAQ:SYRE) Sets New 12-Month High – Time to Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $49.42 and last traded at $48.9110, with a volume of 75970 shares traded. The stock had previously closed at $45.42.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SYRE. Wells Fargo & Company lifted their target price on shares of Spyre Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Friday, February 20th. Stifel Nicolaus raised their price objective on shares of Spyre Therapeutics from $70.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. BTIG Research reaffirmed a “buy” rating and set a $70.00 price objective on shares of Spyre Therapeutics in a research report on Tuesday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Finally, Citigroup initiated coverage on Spyre Therapeutics in a research report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Spyre Therapeutics has an average rating of “Buy” and a consensus price target of $60.67.

Spyre Therapeutics Trading Down 3.1%

The stock’s fifty day moving average price is $39.42 and its 200 day moving average price is $30.59. The stock has a market cap of $3.84 billion, a P/E ratio of -23.51 and a beta of 3.09.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.04). As a group, sell-side analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $32.80, for a total transaction of $492,000.00. Following the completion of the transaction, the chief executive officer directly owned 657,540 shares in the company, valued at approximately $21,567,312. This trade represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Scott L. Burrows sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $40.65, for a total value of $101,625.00. Following the completion of the sale, the chief financial officer directly owned 97,994 shares in the company, valued at approximately $3,983,456.10. This represents a 2.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 47,500 shares of company stock valued at $1,686,675 in the last ninety days. Insiders own 15.43% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. grew its stake in shares of Spyre Therapeutics by 2,881.7% in the third 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. Persistent Asset Partners Ltd purchased a new position in shares of Spyre Therapeutics in the 4th quarter worth about $74,000. Ameritas Investment Partners Inc. raised its position in shares of Spyre Therapeutics by 25.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock worth $76,000 after purchasing an additional 1,045 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after purchasing an additional 3,725 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Spyre Therapeutics by 61.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock valued at $124,000 after purchasing an additional 1,435 shares during the last quarter. Hedge funds and other 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.