Spyre Therapeutics (NASDAQ:SYRE) Stock Price Expected to Rise, JonesTrading Analyst Says

Spyre Therapeutics (NASDAQ:SYRE) had its price objective raised by analysts at JonesTrading from $64.00 to $95.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. JonesTrading’s price objective would indicate a potential upside of 30.12% from the company’s current price.

A number of other analysts have also issued reports on SYRE. Wedbush raised their target price on shares of Spyre Therapeutics from $65.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Wall Street Zen lowered shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Robert W. Baird raised their target price on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 14th. Stifel Nicolaus raised their target price on shares of Spyre Therapeutics from $70.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Finally, Leerink Partners raised their target price on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $85.08.

Spyre Therapeutics Price Performance

SYRE stock opened at $73.01 on Friday. The company’s 50 day simple moving average is $45.28 and its 200-day simple moving average is $34.10. The firm has a market capitalization of $5.75 billion, a PE ratio of -35.10 and a beta of 2.93. Spyre Therapeutics has a 12 month low of $12.28 and a 12 month high of $75.00.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Thursday, February 19th. 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 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Cameron Turtle sold 15,000 shares of the firm’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 transaction of $739,950.00. Following the sale, the chief executive officer owned 627,540 shares in the company, valued at approximately $30,956,548.20. This trade represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 7,958 shares of Spyre Therapeutics stock in a transaction 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 transaction, the insider owned 7,958 shares in the company, valued at approximately $397,900. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 62,958 shares of company stock worth $2,734,375. 15.43% of the stock is owned by insiders.

Institutional Trading of Spyre Therapeutics

Several institutional investors have recently made changes to their positions in SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Spyre Therapeutics by 18.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock valued at $442,000 after buying an additional 4,277 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Spyre Therapeutics by 13.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock valued at $708,000 after buying an additional 5,723 shares during the period. Rhumbline Advisers grew its stake in shares of Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock valued at $1,095,000 after buying an additional 17,145 shares during the period. New York State Common Retirement Fund grew its stake in shares of Spyre Therapeutics by 61.4% during the 2nd quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock valued at $248,000 after buying an additional 6,300 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Spyre Therapeutics by 37.6% during the 2nd quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock valued at $519,000 after buying an additional 9,473 shares during the period. 80.39% of the stock is owned by hedge funds and other institutional investors.

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.