Pictet Asset Management Holding SA Sells 122,258 Shares of Spyre Therapeutics, Inc. $SYRE

Pictet Asset Management Holding SA trimmed its stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE) by 11.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 913,960 shares of the company’s stock after selling 122,258 shares during the period. Pictet Asset Management Holding SA’s holdings in Spyre Therapeutics were worth $29,941,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SYRE. TCG Crossover Management LLC bought a new position in shares of Spyre Therapeutics in the third quarter worth approximately $18,446,000. Vanguard Group Inc. increased its position in shares of Spyre Therapeutics by 32.3% in the fourth quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock worth $132,189,000 after purchasing an additional 984,344 shares during the last quarter. Millennium Management LLC bought a new position in shares of Spyre Therapeutics in the third quarter worth approximately $6,841,000. Baker BROS. Advisors LP increased its position in shares of Spyre Therapeutics by 59.6% in the third quarter. Baker BROS. Advisors LP now owns 1,000,000 shares of the company’s stock worth $16,760,000 after purchasing an additional 373,297 shares during the last quarter. Finally, UBS Group AG increased its position in shares of Spyre Therapeutics by 76.5% in the fourth quarter. UBS Group AG now owns 680,566 shares of the company’s stock worth $22,295,000 after purchasing an additional 294,977 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Spyre Therapeutics from $55.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. JonesTrading upped their price objective on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Leerink Partners upped their price objective on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Wedbush upped their price objective on shares of Spyre Therapeutics from $65.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Finally, BTIG Research upped 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. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $85.08.

Insiders Place Their Bets

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $49.34, for a total value of $370,050.00. Following the completion of the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at $4,835,023.96. This represents a 7.11% decrease in their ownership of the stock. The sale was disclosed in a 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 7,958 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $50.00, for a total value of $397,900.00. Following the completion of the sale, the insider directly owned 7,958 shares of the company’s stock, valued at approximately $397,900. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 62,958 shares of company stock valued at $2,734,375 over the last quarter. 15.69% of the stock is owned by corporate insiders.

Spyre Therapeutics Price Performance

Shares of SYRE opened at $74.45 on Friday. The firm has a market cap of $5.87 billion, a P/E ratio of -35.79 and a beta of 2.93. The stock has a 50 day simple moving average of $51.75 and a two-hundred day simple moving average of $37.36. Spyre Therapeutics, Inc. has a 1 year low of $12.28 and a 1 year high of $75.00.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Thursday, February 19th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.04). On average, equities analysts anticipate that Spyre Therapeutics, Inc. will post -2.8 earnings per share for the current year.

Spyre Therapeutics 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.