Spyre Therapeutics (NASDAQ:SYRE) Price Target Raised to $106.00 at Leerink Partners

Spyre Therapeutics (NASDAQ:SYRE) had its price target lifted by Leerink Partners from $49.00 to $106.00 in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the stock.

Several other analysts have also recently issued reports on the company. Mizuho upgraded Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, December 18th. Wedbush restated an “outperform” rating and set a $80.00 price objective on shares of Spyre Therapeutics in a research note on Monday. Citigroup started coverage on Spyre Therapeutics in a research note on Wednesday, December 17th. They set a “buy” rating and a $64.00 price objective on the stock. Wall Street Zen lowered Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Finally, Jefferies Financial Group upped their price target on Spyre Therapeutics from $47.00 to $85.00 and gave the company a “buy” rating in a research report on Monday. 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 company. According to data from MarketBeat, Spyre Therapeutics presently has an average rating of “Buy” and a consensus price target of $74.09.

Spyre Therapeutics Stock Up 23.4%

Shares of SYRE opened at $63.27 on Monday. The business’s 50 day moving average is $42.43 and its two-hundred day moving average is $32.74. Spyre Therapeutics has a 52-week low of $12.04 and a 52-week high of $75.00. The firm has a market cap of $4.97 billion, a price-to-earnings ratio of -30.42 and a beta of 2.93.

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

Insider Activity at Spyre Therapeutics

In related news, CFO Scott L. Burrows sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $49.34, for a total transaction of $370,050.00. Following the sale, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at approximately $4,835,023.96. This represents a 7.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $49.33, for a total value of $739,950.00. Following the sale, the chief executive officer directly owned 627,540 shares in the company, valued at approximately $30,956,548.20. This represents a 2.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 62,958 shares of company stock valued at $2,734,375. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. grew 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 buying an additional 4,092 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in Spyre Therapeutics during the 4th quarter worth $74,000. Tower Research Capital LLC TRC grew its stake 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 buying an additional 3,725 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew 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 buying an additional 1,435 shares during the last quarter. Finally, Man Group plc bought a new position in Spyre Therapeutics during the 2nd quarter worth $162,000. 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.