Spyre Therapeutics (NASDAQ:SYRE) Reaches New 52-Week High – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $29.13 and last traded at $29.2750, with a volume of 336398 shares. The stock had previously closed at $26.97.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Wedbush reissued an “outperform” rating and set a $65.00 target price on shares of Spyre Therapeutics in a research note on Wednesday, August 6th. Deutsche Bank Aktiengesellschaft began coverage on Spyre Therapeutics in a research report on Friday, September 26th. They issued a “buy” rating and a $43.00 price target on the stock. BTIG Research reissued a “buy” rating and set a $70.00 price objective on shares of Spyre Therapeutics in a research report on Tuesday, September 16th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Thursday, November 13th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $50.00.

Spyre Therapeutics Stock Up 8.3%

The stock has a market capitalization of $2.27 billion, a PE ratio of -8.59 and a beta of 2.99. The business’s 50-day moving average is $20.65 and its two-hundred day moving average is $17.71.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.53. As a group, analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Scott L. Burrows sold 18,428 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total transaction of $299,639.28. Following the transaction, the chief financial officer owned 97,994 shares of the company’s stock, valued at $1,593,382.44. This trade represents a 15.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Cameron Turtle sold 45,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $23.33, for a total value of $1,049,850.00. Following the completion of the transaction, the chief executive officer owned 701,907 shares in the company, valued at $16,375,490.31. This trade represents a 6.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 15.43% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Spyre Therapeutics by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 2,898,267 shares of the company’s stock valued at $46,764,000 after buying an additional 51,794 shares during the last quarter. Paradigm Biocapital Advisors LP lifted its stake in shares of Spyre Therapeutics by 39.3% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 2,127,205 shares of the company’s stock worth $34,322,000 after acquiring an additional 600,000 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Spyre Therapeutics by 8.4% in the third quarter. Wellington Management Group LLP now owns 1,640,312 shares of the company’s stock valued at $27,492,000 after acquiring an additional 126,834 shares in the last quarter. Jefferies Financial Group Inc. increased its stake in shares of Spyre Therapeutics by 11.2% during the second quarter. Jefferies Financial Group Inc. now owns 1,388,854 shares of the company’s stock worth $20,791,000 after acquiring an additional 140,000 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Spyre Therapeutics by 15.8% during the second quarter. Geode Capital Management LLC now owns 1,227,232 shares of the company’s stock worth $18,373,000 after purchasing an additional 167,669 shares in the last quarter. Hedge funds and other institutional investors own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).