Spyre Therapeutics (NASDAQ:SYRE) Upgraded by Jones Trading to “Buy” Rating

Jones Trading upgraded shares of Spyre Therapeutics (NASDAQ:SYRE) from a hold rating to a buy rating in a research note released on Monday,Benzinga reports. Jones Trading currently has $64.00 price objective on the stock.

A number of other research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Spyre Therapeutics in a research report on Friday, September 26th. They set a “buy” rating and a $43.00 target price on the stock. Wedbush reissued an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Tuesday, November 25th. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, BTIG Research reissued a “buy” rating and set a $70.00 target price on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Spyre Therapeutics presently has a consensus rating of “Buy” and an average price target of $52.33.

Spyre Therapeutics Price Performance

Shares of NASDAQ SYRE opened at $28.66 on Monday. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -8.43 and a beta of 2.99. The stock’s fifty day moving average price is $22.09 and its two-hundred day moving average price is $18.23. Spyre Therapeutics has a one year low of $10.91 and a one year high of $30.55.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Tuesday, November 4th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.53. On average, equities analysts anticipate that Spyre Therapeutics will post -4.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 45,000 shares of Spyre Therapeutics stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $23.33, for a total transaction of $1,049,850.00. Following the sale, the chief executive officer directly owned 701,907 shares of the company’s stock, valued at approximately $16,375,490.31. The trade was a 6.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 15.43% of the company’s stock.

Institutional Trading of Spyre Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Mercer Global Advisors Inc. ADV increased its holdings in shares of Spyre Therapeutics by 0.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company’s stock worth $1,788,000 after buying an additional 522 shares in the last quarter. California State Teachers Retirement System grew its position in Spyre Therapeutics by 1.8% during the 2nd quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock worth $497,000 after acquiring an additional 603 shares during the last quarter. F m Investments LLC increased its holdings in Spyre Therapeutics by 1.4% in the 2nd quarter. F m Investments LLC now owns 52,546 shares of the company’s stock worth $787,000 after purchasing an additional 702 shares in the last quarter. AlphaQuest LLC increased its holdings in Spyre Therapeutics by 30.8% in the 2nd quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock worth $62,000 after purchasing an additional 983 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its position in Spyre Therapeutics by 25.8% in the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after purchasing an additional 1,045 shares during the last quarter. Institutional investors and hedge funds 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).