Spyre Therapeutics (NASDAQ:SYRE) Trading 5.7% Higher – Still a Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price rose 5.7% during trading on Friday . The stock traded as high as $99.41 and last traded at $99.45. 213,529 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,104,824 shares. The stock had previously closed at $94.12.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SYRE. Mizuho lifted their price target on Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft increased their price objective on Spyre Therapeutics from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Leerink Partners raised their target price on Spyre Therapeutics from $49.00 to $106.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Robert W. Baird lifted their target price on Spyre Therapeutics from $65.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, April 14th. Finally, Wall Street Zen lowered Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Spyre Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $101.42.

Spyre Therapeutics Stock Performance

The stock has a market cap of $8.81 billion, a price-to-earnings ratio of -48.19 and a beta of 3.02. The company’s 50 day simple moving average is $82.96 and its 200 day simple moving average is $58.19.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.08). Sell-side analysts predict that Spyre Therapeutics, Inc. will post -2.86 EPS for the current year.

Insider Transactions at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 7,500 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $87.74, for a total value of $658,050.00. Following the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at approximately $8,597,993.56. The trade was a 7.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Thomas Henderson sold 20,000 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director owned 68,606 shares of the company’s stock, valued at approximately $6,860,600. This trade represents a 22.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 282,500 shares of company stock valued at $21,741,101. 15.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Perceptive Advisors LLC lifted its stake in Spyre Therapeutics by 149.6% during the fourth quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company’s stock valued at $100,548,000 after purchasing an additional 1,839,780 shares during the last quarter. Janus Henderson Group PLC grew its position in Spyre Therapeutics by 13,969.3% in the fourth quarter. Janus Henderson Group PLC now owns 1,829,009 shares of the company’s stock worth $59,918,000 after buying an additional 1,816,009 shares during the last quarter. RA Capital Management L.P. acquired a new position in Spyre Therapeutics in the fourth quarter worth approximately $53,124,000. Remedium Capital Partners LLC acquired a new position in Spyre Therapeutics in the fourth quarter worth approximately $47,706,000. Finally, TCG Crossover Management LLC bought a new position in shares of Spyre Therapeutics in the third quarter valued at $18,446,000. 80.39% of the stock is currently owned by institutional investors.

Spyre Therapeutics Company Profile

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.