BTIG Research Issues Positive Forecast for Spyre Therapeutics (NASDAQ:SYRE) Stock Price

Spyre Therapeutics (NASDAQ:SYRE) had its price objective upped by BTIG Research from $70.00 to $98.00 in a research report released on Monday morning, Marketbeat Ratings reports. BTIG Research currently has a buy rating on the stock.

SYRE has been the subject of several other reports. Wells Fargo & Company raised their price objective on Spyre Therapeutics from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, December 18th. Jefferies Financial Group raised their price objective on Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday. Wall Street Zen lowered Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Finally, Stifel Nicolaus raised their target price on Spyre Therapeutics from $70.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Spyre Therapeutics has an average rating of “Buy” and an average price target of $74.09.

Spyre Therapeutics Stock Up 23.4%

SYRE opened at $63.27 on Monday. The firm has a market cap of $4.97 billion, a PE ratio of -30.42 and a beta of 2.93. The business has a fifty day simple moving average of $42.43 and a 200-day simple moving average of $32.74. Spyre Therapeutics has a fifty-two week low of $12.04 and a fifty-two week high of $75.00.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Thursday, February 19th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.04). On average, equities research analysts anticipate that Spyre Therapeutics will post -4.46 EPS for the current fiscal year.

Insider Transactions at Spyre Therapeutics

In other news, insider Sheldon Sloan sold 7,958 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $50.00, for a total value of $397,900.00. Following the completion of the sale, the insider owned 7,958 shares of the company’s stock, valued at $397,900. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $49.34, for a total value of $370,050.00. Following the completion of the sale, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at approximately $4,835,023.96. This trade represents a 7.11% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 62,958 shares of company stock valued at $2,734,375 over the last quarter. Company insiders own 6.20% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. RTW Investments LP raised its holdings in shares of Spyre Therapeutics by 15.2% during the fourth quarter. RTW Investments LP now owns 4,171,996 shares of the company’s stock worth $136,675,000 after acquiring an additional 550,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Spyre Therapeutics by 32.3% during the fourth quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock worth $132,189,000 after acquiring an additional 984,344 shares in the last quarter. Capital International Investors raised its holdings in shares of Spyre Therapeutics by 46.0% during the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock worth $114,416,000 after acquiring an additional 1,100,000 shares in the last quarter. Perceptive Advisors LLC raised its holdings in shares of 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 acquiring an additional 1,839,780 shares in the last quarter. Finally, Commodore Capital LP raised its holdings in shares of Spyre Therapeutics by 20.1% during the fourth quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock worth $78,239,000 after acquiring an additional 400,161 shares in the last quarter. Institutional investors and hedge funds 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.