Spyre Therapeutics (NASDAQ:SYRE) Earns Buy Rating from Analysts at Citigroup

Citigroup began coverage on shares of Spyre Therapeutics (NASDAQ:SYRE) in a report published on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $64.00 target price on the stock.

SYRE has been the topic of a number of other reports. Jones Trading upgraded shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday, December 1st. BTIG Research reiterated a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday. Mizuho initiated coverage on shares of Spyre Therapeutics in a research note on Wednesday. They issued an “outperform” rating and a $53.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft started coverage on Spyre Therapeutics in a research note on Friday, September 26th. They set a “buy” rating and a $43.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $53.88.

Spyre Therapeutics Stock Performance

NASDAQ SYRE opened at $33.40 on Wednesday. The business has a fifty day moving average price of $26.65 and a 200 day moving average price of $19.95. The company has a market cap of $2.59 billion, a P/E ratio of -15.25 and a beta of 3.14. Spyre Therapeutics has a one year low of $10.91 and a one year high of $35.31.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results 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, sell-side analysts predict that Spyre Therapeutics will post -4.46 EPS for the current fiscal year.

Insider Activity

In other news, CEO Cameron Turtle sold 45,000 shares of Spyre Therapeutics stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $23.33, for a total transaction of $1,049,850.00. Following the sale, the chief executive officer owned 701,907 shares in the company, valued at approximately $16,375,490.31. The trade was a 6.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 15.43% of the company’s stock.

Institutional Inflows and Outflows

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