Spyre Therapeutics (NASDAQ:SYRE) Shares Down 7.5% – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) fell 7.5% during mid-day trading on Tuesday . The stock traded as low as $66.62 and last traded at $64.8560. 98,419 shares traded hands during trading, a decline of 90% from the average session volume of 942,231 shares. The stock had previously closed at $70.08.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SYRE shares. JonesTrading boosted their target price on Spyre Therapeutics from $64.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Leerink Partners boosted their target price on Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Wall Street Zen cut Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Citigroup boosted their target price on Spyre Therapeutics from $64.00 to $97.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Wedbush boosted their target price on Spyre Therapeutics from $65.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $90.25.

Spyre Therapeutics Trading Down 3.1%

The stock has a market capitalization of $5.90 billion, a PE ratio of -32.70 and a beta of 3.12. The firm’s 50-day simple moving average is $58.06 and its two-hundred day simple moving average is $41.20.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.08). As a group, research analysts expect that Spyre Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Insider Activity at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 12,500 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $71.37, for a total transaction of $892,125.00. Following the transaction, the chief financial officer directly owned 97,994 shares in the company, valued at $6,993,831.78. The trade was a 11.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $42.19, for a total transaction of $632,850.00. Following the completion of the sale, the chief executive officer owned 642,540 shares of the company’s stock, valued at $27,108,762.60. This represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 233,791 shares of company stock valued at $15,757,860. Insiders own 15.69% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

A number of large investors have recently bought and sold shares of SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Spyre Therapeutics by 18.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock worth $442,000 after purchasing an additional 4,277 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Spyre Therapeutics by 13.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock worth $708,000 after acquiring an additional 5,723 shares during the last quarter. Rhumbline Advisers lifted its position in Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock worth $1,095,000 after acquiring an additional 17,145 shares during the last quarter. New York State Common Retirement Fund lifted its position in Spyre Therapeutics by 61.4% during the 2nd quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock worth $248,000 after acquiring an additional 6,300 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Spyre Therapeutics by 37.6% during the 2nd quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock worth $519,000 after acquiring an additional 9,473 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors.

About Spyre Therapeutics

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.