Insider Selling: Spyre Therapeutics (NASDAQ:SYRE) CFO Sells $688,725.00 in Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) CFO Scott Burrows sold 7,500 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $91.83, for a total transaction of $688,725.00. Following the completion of the sale, the chief financial officer directly owned 79,762 shares of the company’s stock, valued at $7,324,544.46. This trade represents a 8.59% decrease in their position. 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.

Spyre Therapeutics Stock Up 3.6%

Shares of NASDAQ SYRE traded up $3.26 during trading on Friday, reaching $93.19. 1,235,015 shares of the stock were exchanged, compared to its average volume of 1,229,962. Spyre Therapeutics, Inc. has a twelve month low of $15.86 and a twelve month high of $110.18. The company has a market capitalization of $8.20 billion, a price-to-earnings ratio of -47.79 and a beta of 3.10. The business’s 50-day moving average price is $95.71 and its 200 day moving average price is $81.43.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results 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. As a group, sell-side analysts expect that Spyre Therapeutics, Inc. will post -2.71 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SYRE has been the subject of several research analyst reports. Wedbush reiterated an “outperform” rating and set a $123.00 target price on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. BTIG Research reaffirmed a “buy” rating and issued a $121.00 price target on shares of Spyre Therapeutics in a report on Thursday. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a research note on Wednesday, August 26th. Robert W. Baird set a $120.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Finally, Wolfe Research cut shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Spyre Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $109.71.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of 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 purchasing an additional 140 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Spyre Therapeutics during the 2nd quarter worth $31,000. Summit Securities Group LLC acquired a new stake in Spyre Therapeutics in the first quarter worth $28,000. Royal Bank of Canada lifted its stake in Spyre Therapeutics by 63.5% in the first quarter. Royal Bank of Canada now owns 3,250 shares of the company’s stock valued at $164,000 after buying an additional 1,262 shares during the last quarter. Finally, KBC Group NV acquired a new position in shares of Spyre Therapeutics during the first quarter valued at $69,000. 80.39% of the stock is currently owned by institutional investors.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre’s pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).