Spyre Therapeutics (NASDAQ:SYRE) Stock Picked Up by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Spyre Therapeutics (NASDAQ:SYRE) in a note issued to investors on Thursday, Briefing.com reports. The brokerage set an “overweight” rating and a $110.00 price target on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 23.55% from the stock’s current price.

Other analysts also recently issued research reports about the company. Wedbush reaffirmed an “outperform” rating and issued a $123.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, September 9th. Robert W. Baird set a $120.00 price target on Spyre Therapeutics in a research report on Wednesday, August 5th. BTIG Research reissued a “buy” rating and issued a $121.00 price objective on shares of Spyre Therapeutics in a report on Tuesday, September 8th. Wolfe Research downgraded shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Tuesday, September 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $109.71.

Spyre Therapeutics Stock Up 5.1%

NASDAQ:SYRE opened at $89.03 on Thursday. The company has a market cap of $7.83 billion, a P/E ratio of -45.66 and a beta of 2.99. Spyre Therapeutics has a twelve month low of $15.86 and a twelve month high of $110.18. The business has a 50 day moving average price of $96.09 and a two-hundred day moving average price of $81.00.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.40. As a group, analysts anticipate that Spyre Therapeutics will post -2.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jeffrey Albers sold 18,000 shares of Spyre Therapeutics 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 directly owned 9,360 shares in the company, valued at approximately $978,588. The trade was a 65.79% decrease in their position. The sale was disclosed in a legal 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, insider Heidy King-Jones sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $90.00, for a total value of $36,000.00. Following the transaction, the insider directly owned 2,845 shares in the company, valued at $256,050. The trade was a 12.33% 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 three months, insiders sold 114,631 shares of company stock valued at $10,627,472. Corporate insiders own 15.69% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Spyre Therapeutics in the 2nd quarter valued at about $999,000. Capital International Investors grew its position 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 purchasing an additional 1,100,000 shares during the last quarter. Perceptive Advisors LLC increased its stake in shares of Spyre Therapeutics by 23.3% during the first quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after purchasing an additional 714,000 shares during the period. Handelsbanken Fonder AB acquired a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $2,308,000. Finally, Maven Securities LTD bought a new stake in Spyre Therapeutics in the 2nd quarter valued at $3,551,000. Institutional investors 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).