Spyre Therapeutics’ (SYRE) “Buy” Rating Reaffirmed at BTIG Research

BTIG Research reissued their buy rating on shares of Spyre Therapeutics (NASDAQ:SYRE) in a research note released on Monday morning,Benzinga reports. The brokerage currently has a $70.00 price objective on the stock.

Other equities analysts have also recently issued reports about the company. JonesTrading upgraded Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Monday, December 1st. Wall Street Zen lowered shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. Leerink Partners raised shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, February 19th. Finally, Citigroup initiated coverage on shares of Spyre Therapeutics in a report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Spyre Therapeutics currently has a consensus rating of “Buy” and an average target price of $53.44.

Spyre Therapeutics Trading Up 10.5%

Shares of Spyre Therapeutics stock opened at $44.07 on Monday. The business has a 50-day moving average price of $36.34 and a two-hundred day moving average price of $28.28. Spyre Therapeutics has a 1-year low of $10.91 and a 1-year high of $45.76. The company has a market cap of $3.46 billion, a P/E ratio of -21.19 and a beta of 3.08.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04). Equities research analysts forecast that Spyre Therapeutics will post -4.46 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $27,108,762.60. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Scott L. Burrows sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $40.65, for a total value of $101,625.00. Following the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at approximately $3,983,456.10. This represents a 2.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 47,500 shares of company stock valued at $1,686,675 in the last three months. Insiders own 6.20% of the company’s stock.

Institutional Trading of Spyre Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Perceptive Advisors LLC raised its holdings in Spyre Therapeutics by 149.6% during the fourth quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company’s stock worth $100,548,000 after buying an additional 1,839,780 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Spyre Therapeutics by 13,969.3% during the fourth quarter. Janus Henderson Group PLC now owns 1,829,009 shares of the company’s stock valued at $59,918,000 after buying an additional 1,816,009 shares during the last quarter. RA Capital Management L.P. bought a new stake in shares of Spyre Therapeutics during the fourth quarter worth about $53,124,000. Remedium Capital Partners LLC bought a new stake in shares of Spyre Therapeutics during the fourth quarter worth about $47,706,000. Finally, TCG Crossover Management LLC acquired a new stake in shares of Spyre Therapeutics in the 3rd quarter worth about $18,446,000. Institutional investors own 80.39% of the company’s stock.

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.