Spyre Therapeutics, Inc. (NASDAQ:SYRE) Given Average Rating of “Moderate Buy” by Brokerages

Spyre Therapeutics, Inc. (NASDAQ:SYRE) has been assigned an average rating of “Moderate Buy” from the fifteen research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $109.6923.

Several research analysts have recently weighed in on the company. Wall Street Zen cut Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, August 16th. Wedbush restated an “outperform” rating and issued a $123.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. BTIG Research restated a “buy” rating and set a $121.00 price objective on shares of Spyre Therapeutics in a report on Tuesday, September 8th. Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, August 5th. Finally, Wells Fargo & Company raised their target price on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th.

Insider Activity

In related news, insider Heidy King-Jones sold 400 shares of Spyre Therapeutics stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $90.00, for a total transaction of $36,000.00. Following the completion of the transaction, the insider owned 2,845 shares of the company’s stock, valued at $256,050. This trade represents a 12.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott Burrows sold 18,232 shares of the company’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the sale, the chief financial officer directly owned 79,762 shares in the company, valued at $7,126,734.70. This trade represents a 18.61% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 180,465 shares of company stock valued at $16,638,714. 15.69% of the stock is owned by corporate insiders.

Institutional Trading of Spyre Therapeutics

Several large investors have recently modified their holdings of SYRE. California State Teachers Retirement System increased its stake in shares of Spyre Therapeutics by 9,594.0% in the 2nd quarter. California State Teachers Retirement System now owns 5,742,912 shares of the company’s stock valued at $509,856,000 after acquiring an additional 5,683,670 shares in the last quarter. Perceptive Advisors LLC boosted its stake in Spyre Therapeutics by 23.3% during the first quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after acquiring an additional 714,000 shares in the last quarter. Capital International Investors boosted its stake in Spyre Therapeutics by 46.0% during the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock worth $114,416,000 after acquiring an additional 1,100,000 shares in the last quarter. Commodore Capital LP boosted its stake in Spyre Therapeutics by 20.1% during the fourth quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock worth $78,239,000 after acquiring an additional 400,161 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in Spyre Therapeutics by 192.6% in the first quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after purchasing an additional 808,366 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Trading Up 0.2%

Shares of Spyre Therapeutics stock opened at $90.80 on Tuesday. The stock’s fifty day simple moving average is $98.19 and its 200 day simple moving average is $76.98. The company has a market capitalization of $7.98 billion, a PE ratio of -46.56 and a beta of 2.99. Spyre Therapeutics has a 12 month low of $14.51 and a 12 month high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.40. Analysts predict that Spyre Therapeutics will post -2.71 EPS for the current fiscal year.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation antibody therapies for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is designed to address significant treatment needs in chronic immune-mediated conditions through therapies with potentially improved efficacy, durability and dosing convenience.

Spyre’s pipeline includes investigational antibody programs targeting biological pathways associated with IBD, including interleukin-23 (IL-23), TL1A and integrin-mediated immune activity.