Short Interest in Spyre Therapeutics, Inc. (NASDAQ:SYRE) Drops By 13.5%

Spyre Therapeutics, Inc. (NASDAQ:SYRE) was the target of a large drop in short interest in the month of January. As of January 15th, there was short interest totaling 10,069,741 shares, a drop of 13.5% from the December 31st total of 11,636,998 shares. Approximately 13.8% of the company’s shares are short sold. Based on an average daily trading volume, of 724,793 shares, the days-to-cover ratio is presently 13.9 days. Based on an average daily trading volume, of 724,793 shares, the days-to-cover ratio is presently 13.9 days. Approximately 13.8% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

SYRE has been the topic of several recent analyst reports. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Jones Trading raised 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 note on Monday, December 1st. Citigroup initiated coverage on shares of Spyre Therapeutics in a research report on Wednesday, December 17th. They set a “buy” rating and a $64.00 price objective for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $70.00 target price on shares of Spyre Therapeutics in a research note on Friday, January 16th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $53.88.

Spyre Therapeutics Trading Down 3.7%

Spyre Therapeutics stock opened at $32.07 on Thursday. The company has a fifty day simple moving average of $32.52 and a 200 day simple moving average of $23.76. Spyre Therapeutics has a 1-year low of $10.91 and a 1-year high of $35.31. The company has a market cap of $2.49 billion, a P/E ratio of -14.64 and a beta of 3.15.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.53. On average, equities research analysts forecast that Spyre Therapeutics will post -4.46 EPS for the current year.

Insider Buying and Selling

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $32.80, for a total transaction of $492,000.00. Following the transaction, the chief executive officer directly owned 657,540 shares in the company, valued at approximately $21,567,312. The trade was a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 45,000 shares of company stock worth $1,387,500. Company insiders own 15.43% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SYRE. CWM LLC lifted its stake in shares of Spyre Therapeutics by 357.8% during the 2nd quarter. CWM LLC now owns 1,712 shares of the company’s stock worth $26,000 after buying an additional 1,338 shares during the last quarter. AlphaQuest LLC raised its holdings 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 acquiring an additional 983 shares during the period. Russell Investments Group Ltd. lifted its position in Spyre Therapeutics by 2,881.7% during the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after acquiring an additional 4,092 shares during the last quarter. Ameritas Investment Partners Inc. lifted its position in Spyre Therapeutics by 25.8% during the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock worth $76,000 after acquiring an additional 1,045 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Spyre Therapeutics by 182.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after acquiring an additional 3,725 shares during the period. 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.