BTIG Research Cuts Spyre Therapeutics (NASDAQ:SYRE) Price Target to $121.00

Spyre Therapeutics (NASDAQ:SYRE) had its target price lowered by BTIG Research from $132.00 to $121.00 in a report released on Wednesday morning, MarketBeat Ratings reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Guggenheim boosted their price target on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Wells Fargo & Company raised their price objective on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Stifel Nicolaus lifted their target price on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reduced their target price on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Wall Street Zen lowered Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, August 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $109.69.

Spyre Therapeutics Stock Performance

Shares of NASDAQ:SYRE opened at $90.36 on Wednesday. Spyre Therapeutics has a 52 week low of $14.51 and a 52 week high of $110.18. The company’s fifty day moving average is $98.43 and its 200-day moving average is $72.75. The company has a market capitalization of $7.95 billion, a PE ratio of -46.34 and a beta of 3.03.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.40. On average, analysts forecast that Spyre Therapeutics will post -2.62 EPS for the current year.

Insider Activity

In other Spyre Therapeutics news, Director Jeffrey W. Albers sold 5,000 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $104.47, for a total value of $522,350.00. Following the completion of the transaction, the director directly owned 5,000 shares of the company’s stock, valued at approximately $522,350. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 8,334 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total transaction of $730,891.80. Following the transaction, the insider owned 8,334 shares in the company, valued at $730,891.80. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 142,167 shares of company stock worth $12,779,292. 15.69% of the stock is currently owned by insiders.

Institutional Trading of Spyre Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Spyre Therapeutics by 18.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock valued at $442,000 after purchasing an additional 4,277 shares during the period. JPMorgan Chase & Co. grew its position in shares of Spyre Therapeutics by 13.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock worth $708,000 after buying an additional 5,723 shares during the period. Rhumbline Advisers raised its stake in shares of Spyre Therapeutics by 30.6% during the second quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock worth $1,095,000 after buying an additional 17,145 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Spyre Therapeutics by 61.4% during the second quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock worth $248,000 after buying an additional 6,300 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Spyre Therapeutics by 37.6% during the second quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock worth $519,000 after buying an additional 9,473 shares during the last quarter. 80.39% of the stock is owned by institutional investors.

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.