Spyre Therapeutics (NASDAQ:SYRE) Trading Up 6.3% – Here’s Why

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) were up 6.3% during mid-day trading on Wednesday . The company traded as high as $76.11 and last traded at $73.50. Approximately 176,576 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 930,107 shares. The stock had previously closed at $69.16.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SYRE shares. Raymond James Financial started coverage on Spyre Therapeutics in a research note on Monday, April 13th. They issued a “strong-buy” rating and a $80.00 target price for the company. Deutsche Bank Aktiengesellschaft raised their target price on Spyre Therapeutics from $102.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday. Leerink Partners raised their target price on Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Wall Street Zen lowered Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Finally, Citigroup raised their target price on Spyre Therapeutics from $64.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $91.33.

Spyre Therapeutics Trading Up 6.7%

The firm has a 50-day simple moving average of $66.06 and a two-hundred day simple moving average of $45.72. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of -37.73 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.08). Equities research analysts anticipate that Spyre Therapeutics, Inc. will post -2.79 EPS for the current year.

Insider Buying and Selling

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $70.43, for a total transaction of $1,056,450.00. Following the sale, the chief executive officer directly owned 597,540 shares of the company’s stock, valued at approximately $42,084,742.20. This trade represents a 2.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $71.06, for a total value of $532,950.00. Following the sale, the chief financial officer directly owned 97,994 shares in the company, valued at $6,963,453.64. This represents a 7.11% decrease in their ownership of the stock. 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 247,124 shares of company stock valued at $17,237,760 over the last quarter. 15.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors have recently modified their holdings of SYRE. Summit Securities Group LLC acquired a new stake in shares of Spyre Therapeutics during the 1st quarter valued at about $28,000. KBC Group NV acquired a new stake in shares of Spyre Therapeutics during the 1st quarter valued at about $69,000. Russell Investments Group Ltd. grew its position in shares of Spyre Therapeutics by 2,881.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after acquiring an additional 4,092 shares during the period. Persistent Asset Partners Ltd acquired a new stake in shares of Spyre Therapeutics during the 4th quarter valued at about $74,000. Finally, Tower Research Capital LLC TRC grew its position in shares of Spyre Therapeutics by 182.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after acquiring an additional 3,725 shares during the period. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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.