Spyre Therapeutics, Inc. (NASDAQ:SYRE) Stock Has Average Target Price of $109.71

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have been assigned an average recommendation of “Moderate Buy” from the seventeen analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $110.40.

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. Robert W. Baird set a $120.00 price target on Spyre Therapeutics in a research report on Wednesday, August 5th. Wolfe Research lowered Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft dropped their price target on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a report on Wednesday, August 26th. Finally, Wells Fargo & Company boosted their price objective on Spyre Therapeutics from $90.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th.

Insiders Place Their Bets

In related news, Director Jeffrey W. Albers sold 18,000 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $104.55, for a total value of $1,881,900.00. Following the transaction, the director directly owned 9,360 shares of the company’s stock, valued at approximately $978,588. The trade was a 65.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $92.01, for a total transaction of $1,380,150.00. Following the transaction, the chief executive officer owned 537,540 shares of the company’s stock, valued at approximately $49,459,055.40. The trade was a 2.71% 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. In the last quarter, insiders sold 183,564 shares of company stock valued at $16,903,193. 15.69% of the stock is owned by company insiders.

Institutional Trading of Spyre Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC bought a new position in shares of Spyre Therapeutics during the 2nd quarter valued at approximately $31,000. Summit Securities Group LLC bought a new stake in shares of Spyre Therapeutics in the 1st quarter worth approximately $28,000. GAMMA Investing LLC raised its holdings in shares of Spyre Therapeutics by 26.8% in the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock worth $59,000 after purchasing an additional 140 shares during the period. KBC Group NV bought a new stake in shares of Spyre Therapeutics in the 1st quarter worth approximately $69,000. Finally, Nykredit A S purchased a new position in Spyre Therapeutics in the second quarter valued at approximately $173,000. Institutional investors own 80.39% of the company’s stock.

Spyre Therapeutics Trading Down 0.2%

Shares of SYRE traded down $0.20 during trading hours on Friday, reaching $79.90. 1,273,321 shares of the stock traded hands, compared to its average volume of 1,623,777. The stock has a fifty day simple moving average of $91.99 and a 200 day simple moving average of $84.12. Spyre Therapeutics has a 52 week low of $21.15 and a 52 week high of $110.18. The company has a market cap of $8.14 billion, a price-to-earnings ratio of -40.97 and a beta of 3.10.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly 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. Analysts predict that Spyre Therapeutics will post -2.71 earnings per share for the current fiscal year.

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).