Sheldon Sloan Sells 7,958 Shares of Spyre Therapeutics (NASDAQ:SYRE) Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) insider Sheldon Sloan sold 7,958 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $50.00, for a total transaction of $397,900.00. Following the completion of the sale, the insider directly owned 7,958 shares in the company, valued at approximately $397,900. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Spyre Therapeutics Stock Performance

Spyre Therapeutics stock opened at $47.58 on Friday. The stock has a market cap of $3.74 billion, a P/E ratio of -22.88 and a beta of 2.93. The company has a fifty day simple moving average of $40.00 and a 200-day simple moving average of $31.05. Spyre Therapeutics, Inc. has a 12-month low of $10.91 and a 12-month high of $51.06.

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

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. BTIG Research reiterated a “buy” rating and issued a $70.00 price objective on shares of Spyre Therapeutics in a report on Tuesday, March 31st. Leerink Partners upgraded Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, February 19th. Citigroup initiated coverage on Spyre Therapeutics in a report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 price target for the company. Mizuho upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, December 18th. Finally, Wall Street Zen cut shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $60.67.

Institutional Trading of Spyre Therapeutics

Large investors have recently made changes to their positions in the company. Persistent Asset Partners Ltd acquired a new position in shares of Spyre Therapeutics in the 4th quarter valued at $74,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Spyre Therapeutics by 61.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock worth $124,000 after purchasing an additional 1,435 shares during the period. Russell Investments Group Ltd. boosted its stake in Spyre Therapeutics by 2,881.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after purchasing an additional 4,092 shares during the period. Tower Research Capital LLC TRC grew its position in Spyre Therapeutics by 182.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after purchasing an additional 3,725 shares during the last quarter. Finally, Martingale Asset Management L P purchased a new position in Spyre Therapeutics during the 4th quarter worth $227,000. 80.39% of the stock is owned by institutional investors and hedge funds.

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.