Jones Trading Upgrades Spyre Therapeutics (NASDAQ:SYRE) to Buy

Spyre Therapeutics (NASDAQ:SYRE) was upgraded by equities researchers at Jones Trading from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Marketbeat reports. The firm presently has a $64.00 price target on the stock. Jones Trading’s price objective indicates a potential upside of 125.35% from the stock’s current price.

SYRE has been the subject of several other research reports. BTIG Research restated a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a research report on Tuesday, September 16th. Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Spyre Therapeutics in a research report on Friday, September 26th. They set a “buy” rating and a $43.00 target price for the company. Wedbush reissued an “outperform” rating and set a $65.00 price objective on shares of Spyre Therapeutics in a report on Wednesday, August 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Tuesday, November 25th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Spyre Therapeutics presently has an average rating of “Buy” and a consensus price target of $52.33.

Spyre Therapeutics Stock Down 0.9%

SYRE stock opened at $28.40 on Monday. The firm has a market cap of $2.20 billion, a PE ratio of -8.35 and a beta of 2.99. The business has a 50 day moving average of $22.34 and a 200-day moving average of $18.33. Spyre Therapeutics has a 12-month low of $10.91 and a 12-month high of $30.55.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.53. On average, research analysts expect that Spyre Therapeutics will post -4.46 earnings per share for the current year.

Insider Buying and Selling at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 45,000 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $23.33, for a total value of $1,049,850.00. Following the sale, the chief executive officer directly owned 701,907 shares of the company’s stock, valued at approximately $16,375,490.31. This represents a 6.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 15.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Several large investors have recently added to or reduced their stakes in SYRE. TCG Crossover Management LLC purchased a new stake in shares of Spyre Therapeutics in the 3rd quarter valued at about $18,446,000. Paradigm Biocapital Advisors LP grew its holdings in shares of Spyre Therapeutics by 39.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 2,127,205 shares of the company’s stock worth $34,322,000 after purchasing an additional 600,000 shares in the last quarter. Millennium Management LLC bought a new position in shares of Spyre Therapeutics in the third quarter worth approximately $6,841,000. Baker BROS. Advisors LP increased its position in shares of Spyre Therapeutics by 59.6% in the third quarter. Baker BROS. Advisors LP now owns 1,000,000 shares of the company’s stock worth $16,760,000 after purchasing an additional 373,297 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Spyre Therapeutics by 483.7% in the third quarter. JPMorgan Chase & Co. now owns 275,984 shares of the company’s stock valued at $4,625,000 after purchasing an additional 228,705 shares in the last quarter. Institutional investors own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).