Spyre Therapeutics (NASDAQ:SYRE) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Spyre Therapeutics (NASDAQ:SYRE) from a hold rating to a sell rating in a report issued on Saturday morning,Wall Street Zen reports.

Several other equities analysts have also commented on SYRE. Wells Fargo & Company upped 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. Robert W. Baird set a $120.00 price target on Spyre Therapeutics in a research note on Wednesday, August 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Tuesday, September 1st. Wedbush reaffirmed an “outperform” rating and issued a $123.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. Finally, Mizuho boosted their price objective on Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Spyre Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $110.40.

Spyre Therapeutics Stock Performance

Shares of Spyre Therapeutics stock opened at $95.51 on Friday. The stock has a 50 day moving average of $89.84 and a 200 day moving average of $73.17. The firm has a market capitalization of $9.73 billion, a price-to-earnings ratio of -48.98 and a beta of 3.10. Spyre Therapeutics has a fifty-two week low of $21.15 and a fifty-two week high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.40. Analysts forecast that Spyre Therapeutics will post -2.71 EPS for the current year.

Insider Buying and Selling at Spyre Therapeutics

In related news, CFO Scott L. Burrows sold 7,500 shares of Spyre Therapeutics stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.83, for a total value of $688,725.00. Following the completion of the transaction, the chief financial officer directly owned 79,762 shares in the company, valued at approximately $7,324,544.46. This trade represents a 8.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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 Spyre Therapeutics stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $92.01, for a total value of $1,380,150.00. Following the completion of the transaction, the chief executive officer owned 537,540 shares of the company’s stock, valued at $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. Insiders sold 161,064 shares of company stock valued at $14,753,768 in the last 90 days. Corporate insiders own 15.69% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

A number of large investors have recently modified their holdings of SYRE. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Spyre Therapeutics during the 3rd quarter worth about $401,000. Profund Advisors LLC boosted its holdings in shares of Spyre Therapeutics by 36.0% in the 3rd quarter. Profund Advisors LLC now owns 26,406 shares of the company’s stock valued at $2,351,000 after buying an additional 6,987 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in shares of Spyre Therapeutics by 16.0% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 13,050 shares of the company’s stock valued at $1,162,000 after buying an additional 1,800 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in shares of Spyre Therapeutics by 16.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 16,088 shares of the company’s stock valued at $1,363,000 after buying an additional 2,267 shares during the last quarter. Finally, Moody Aldrich Partners LLC raised its stake in Spyre Therapeutics by 4.1% during the 3rd quarter. Moody Aldrich Partners LLC now owns 44,195 shares of the company’s stock worth $3,935,000 after acquiring an additional 1,737 shares in the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

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.