Wedbush Has Lowered Expectations for Spyre Therapeutics (NASDAQ:SYRE) Stock Price

Spyre Therapeutics (NASDAQ:SYRE) had its price target lowered by equities research analysts at Wedbush from $123.00 to $120.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush‘s price target indicates a potential upside of 23.41% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. began coverage on Spyre Therapeutics in a research report on Thursday, October 1st. They issued an “overweight” rating and a $110.00 price objective for the company. Wall Street Zen lowered Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. Deutsche Bank Aktiengesellschaft lowered their price target on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a research report on Wednesday, August 26th. UBS Group began coverage on Spyre Therapeutics in a report on Sunday, October 11th. They set a “buy” rating and a $120.00 price objective for the company. Finally, Guggenheim upped their target price on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $110.20.

Spyre Therapeutics Stock Performance

SYRE opened at $97.24 on Wednesday. The business has a 50 day moving average price of $89.69 and a 200 day moving average price of $73.50. Spyre Therapeutics has a twelve month low of $21.15 and a twelve month high of $110.18. The firm has a market cap of $9.91 billion, a P/E ratio of -50.32 and a beta of 3.24.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Tuesday, November 3rd. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.15). As a group, analysts anticipate that Spyre Therapeutics will post -2.71 earnings per share for the current fiscal year.

Insider Activity at Spyre Therapeutics

In other news, Director Jeffrey W. Albers sold 18,000 shares of the business’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the completion of the sale, the director owned 9,360 shares in the company, valued at $978,588. The trade was a 65.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heidy King-Jones sold 28,933 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.03, for a total value of $2,633,770.99. Following the sale, the insider owned 2,845 shares of the company’s stock, valued at approximately $258,980.35. The trade was a 91.05% 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. Insiders have sold a total of 161,064 shares of company stock valued at $14,753,768 over the last ninety days. Company insiders own 15.69% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its stake in shares of Spyre Therapeutics by 192.6% in the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock valued at $61,945,000 after purchasing an additional 808,366 shares during the period. Perceptive Advisors LLC grew its stake in shares of 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 purchasing an additional 714,000 shares during the period. Assenagon Asset Management S.A. bought a new stake in Spyre Therapeutics in the third quarter valued at about $53,349,000. ADAR1 Capital Management LLC increased its holdings in Spyre Therapeutics by 893.6% in the first quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock valued at $17,065,000 after purchasing an additional 304,272 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Spyre Therapeutics in the second quarter valued at about $21,768,000. 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 developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre’s investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.