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

BTIG Research reiterated their buy rating on shares of Spyre Therapeutics (NASDAQ:SYRE) in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a $70.00 price target on the stock.

SYRE has been the topic of a number of other reports. Stifel Nicolaus upped their price objective on shares of Spyre Therapeutics from $70.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, March 18th. Citigroup began coverage on shares of Spyre Therapeutics in a report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price on the stock. Leerink Partners raised shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, February 19th. Wells Fargo & Company increased their price target on Spyre Therapeutics from $40.00 to $50.00 and gave the stock an “overweight” rating in a report on Friday, February 20th. Finally, JonesTrading raised Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Monday, December 1st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Spyre Therapeutics has a consensus rating of “Buy” and an average target price of $60.67.

Spyre Therapeutics Price Performance

Shares of SYRE opened at $50.44 on Tuesday. The business has a 50-day moving average of $39.12 and a 200-day moving average of $30.46. The company has a market capitalization of $3.96 billion, a price-to-earnings ratio of -24.25 and a beta of 3.09. Spyre Therapeutics has a 1 year low of $10.91 and a 1 year high of $51.06.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Thursday, February 26th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.04). As a group, sell-side analysts anticipate that Spyre Therapeutics will post -4.46 EPS for the current year.

Insider Buying and Selling at Spyre Therapeutics

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 2,500 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer directly owned 97,994 shares in the company, valued at approximately $3,983,456.10. This trade represents a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction on Monday, March 2nd. The shares were 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 directly owned 642,540 shares of the company’s stock, valued at approximately $27,108,762.60. This trade represents a 2.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 47,500 shares of company stock valued at $1,686,675 in the last quarter. 6.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SYRE. Persistent Asset Partners Ltd bought a new stake in Spyre Therapeutics in the 4th quarter valued at about $74,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Spyre Therapeutics by 61.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock worth $124,000 after acquiring an additional 1,435 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Spyre Therapeutics by 2,881.7% in 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 in the last quarter. Ameritas Investment Partners Inc. grew its stake 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 acquiring an additional 1,045 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in Spyre Therapeutics by 182.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after acquiring an additional 3,725 shares during the period. 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.