Spyre Therapeutics (NASDAQ:SYRE) Price Target Raised to $106.00

Spyre Therapeutics (NASDAQ:SYRE) had its price objective increased by Leerink Partners from $49.00 to $106.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Leerink Partners’ price objective points to a potential upside of 67.56% from the company’s current price.

A number of other equities analysts also recently commented on SYRE. Mizuho upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, December 18th. Wells Fargo & Company raised their price objective on Spyre Therapeutics from $40.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday, February 20th. BTIG Research raised their price objective on Spyre Therapeutics from $70.00 to $98.00 and gave the stock a “buy” rating in a report on Monday. Jefferies Financial Group raised their price objective on Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a report on Monday. Finally, Stifel Nicolaus raised their price objective on Spyre Therapeutics from $70.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Spyre Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Spyre Therapeutics Stock Performance

NASDAQ SYRE traded up $11.97 during trading hours on Monday, hitting $63.26. 4,640,866 shares of the company’s stock were exchanged, compared to its average volume of 794,354. The business’s 50 day moving average is $41.82 and its 200-day moving average is $32.41. Spyre Therapeutics has a 12-month low of $12.04 and a 12-month high of $75.00. The firm has a market capitalization of $4.97 billion, a P/E ratio of -30.26 and a beta of 2.93.

Spyre Therapeutics (NASDAQ:SYRE) last released its earnings results on Thursday, February 19th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.04). As a group, equities research analysts anticipate that Spyre Therapeutics will post -4.46 EPS for the current fiscal year.

Insider Activity at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $49.33, for a total transaction of $739,950.00. Following the sale, the chief executive officer directly owned 627,540 shares in the company, valued at approximately $30,956,548.20. This trade represents a 2.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $49.34, for a total value of $370,050.00. Following the sale, the chief financial officer owned 97,994 shares in the company, valued at approximately $4,835,023.96. The trade was a 7.11% 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 ninety days, insiders have sold 62,958 shares of company stock worth $2,734,375. 6.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its holdings in shares of Spyre Therapeutics by 2,881.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after buying an additional 4,092 shares during the period. Persistent Asset Partners Ltd purchased a new stake in shares of Spyre Therapeutics during the 4th quarter valued at about $74,000. Tower Research Capital LLC TRC raised its holdings in shares of Spyre Therapeutics by 182.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after buying an additional 3,725 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Spyre Therapeutics by 61.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock valued at $124,000 after buying an additional 1,435 shares during the period. Finally, Man Group plc purchased a new stake in shares of Spyre Therapeutics during the 2nd quarter valued at about $162,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

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.