Spyre Therapeutics, Inc. (NASDAQ:SYRE) Sees Significant Decrease in Short Interest

Spyre Therapeutics, Inc. (NASDAQ:SYRE) was the target of a large decrease in short interest in the month of January. As of January 15th, there was short interest totaling 10,069,741 shares, a decrease of 13.5% from the December 31st total of 11,636,998 shares. Currently, 13.8% of the company’s shares are short sold. Based on an average daily volume of 724,793 shares, the days-to-cover ratio is presently 13.9 days. Based on an average daily volume of 724,793 shares, the days-to-cover ratio is presently 13.9 days. Currently, 13.8% of the company’s shares are short sold.

Analysts Set New Price Targets

Several research firms have recently weighed in on SYRE. Mizuho upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, December 18th. BTIG Research restated a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a research report on Friday, January 16th. Wall Street Zen raised Spyre Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Citigroup assumed coverage on shares of Spyre Therapeutics in a research note on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price on the stock. Finally, Jones Trading upgraded shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research report on Monday, December 1st. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Spyre Therapeutics presently has an average rating of “Buy” and an average target price of $53.88.

Insider Activity

In other news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $30.68, for a total value of $460,200.00. Following the sale, the chief executive officer directly owned 671,907 shares of the company’s stock, valued at approximately $20,614,106.76. This represents a 2.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 15.43% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Several hedge funds have recently made changes to their positions in SYRE. CWM LLC lifted its holdings in Spyre Therapeutics by 357.8% in the second quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after acquiring an additional 1,338 shares during the period. AlphaQuest LLC lifted its stake in Spyre Therapeutics by 30.8% in the 2nd quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock valued at $62,000 after buying an additional 983 shares in the last quarter. Russell Investments Group Ltd. increased its position in Spyre Therapeutics by 2,881.7% during the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after buying an additional 4,092 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of Spyre Therapeutics by 25.8% in the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after acquiring an additional 1,045 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Spyre Therapeutics by 182.2% during the second 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 last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Stock Up 1.4%

NASDAQ:SYRE traded up $0.45 during mid-day trading on Tuesday, hitting $33.20. 40,416 shares of the company traded hands, compared to its average volume of 582,059. The stock’s fifty day moving average price is $32.39 and its 200-day moving average price is $23.58. Spyre Therapeutics has a one year low of $10.91 and a one year high of $35.31. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of -15.16 and a beta of 3.17.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.53. Equities analysts predict that Spyre Therapeutics will post -4.46 EPS for the current year.

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.