Spyre Therapeutics (NASDAQ:SYRE) Given Buy Rating at BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reaffirmed by research analysts at BTIG Research in a research note issued on Thursday, Benzinga reports. They currently have a $121.00 target price on the stock. BTIG Research’s price objective would suggest a potential upside of 50.31% from the company’s current price.

Other research analysts have also recently issued reports about the company. Wolfe Research cut Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 28th. Wall Street Zen lowered Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, August 16th. JPMorgan Chase & Co. began coverage on shares of Spyre Therapeutics in a research note on Thursday, October 1st. They issued an “overweight” rating and a $110.00 price target on the stock. Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Finally, Wells Fargo & Company boosted their price target on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Spyre Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $109.71.

Spyre Therapeutics Stock Performance

Shares of Spyre Therapeutics stock traded down $12.22 during mid-day trading on Thursday, hitting $80.50. 2,789,480 shares of the stock were exchanged, compared to its average volume of 1,113,936. Spyre Therapeutics has a 12 month low of $16.00 and a 12 month high of $110.18. The company has a 50-day simple moving average of $95.57 and a 200 day simple moving average of $82.04. The company has a market capitalization of $7.08 billion, a P/E ratio of -41.22 and a beta of 3.10.

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

Insider Buying and Selling

In other news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer owned 537,540 shares in the company, valued at $49,459,055.40. This trade represents a 2.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey Albers sold 18,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director owned 9,360 shares in the company, valued at approximately $978,588. This represents a 65.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 183,564 shares of company stock valued at $16,903,193. 15.69% of the stock is currently owned by company insiders.

Institutional Trading of Spyre Therapeutics

Several hedge funds have recently made changes to their positions in the business. Perceptive Advisors LLC increased its stake in Spyre Therapeutics by 23.3% during the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after buying an additional 714,000 shares during the period. Capital International Investors raised its stake in shares of Spyre Therapeutics by 46.0% in the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock valued at $114,416,000 after acquiring an additional 1,100,000 shares in the last quarter. Commodore Capital LP boosted its holdings in Spyre Therapeutics by 20.1% in the fourth quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock valued at $78,239,000 after purchasing an additional 400,161 shares during the period. Bank of America Corp DE grew its stake in Spyre Therapeutics by 192.6% during the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after purchasing an additional 808,366 shares in the last quarter. Finally, Candriam S.C.A. increased its holdings in Spyre Therapeutics by 43.4% during the 1st quarter. Candriam S.C.A. now owns 610,282 shares of the company’s stock worth $30,783,000 after purchasing an additional 184,748 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

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).