Spyre Therapeutics, Inc. (NASDAQ:SYRE) Receives Consensus Rating of “Buy” from Analysts

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have been assigned a consensus rating of “Buy” from the thirteen ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, ten have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $91.3333.

SYRE has been the subject of several analyst reports. JonesTrading raised their price objective on Spyre Therapeutics from $64.00 to $95.00 and gave the company a “buy” rating in a report on Friday, April 17th. Wells Fargo & Company raised their price objective on Spyre Therapeutics from $50.00 to $90.00 and gave the company an “overweight” rating in a report on Tuesday, April 14th. Stifel Nicolaus raised their price objective on Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Citigroup raised their price objective on Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Wall Street Zen cut Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, April 26th.

Insider Buying and Selling

In related news, insider Sheldon Sloan sold 78,333 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $71.50, for a total value of $5,600,809.50. Following the completion of the sale, the insider directly owned 78,333 shares in the company, valued at approximately $5,600,809.50. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $71.37, for a total transaction of $1,070,550.00. Following the completion of the sale, the chief executive officer owned 612,540 shares of the company’s stock, valued at $43,716,979.80. This trade represents a 2.39% decrease in their ownership of the stock. 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. Insiders have sold 247,124 shares of company stock worth $17,237,760 over the last 90 days. 15.69% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Several hedge funds have recently bought and sold shares of the company. RTW Investments LP lifted its stake in Spyre Therapeutics by 15.2% in the 4th quarter. RTW Investments LP now owns 4,171,996 shares of the company’s stock valued at $136,675,000 after purchasing an additional 550,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in Spyre Therapeutics by 32.3% in the 4th quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock valued at $132,189,000 after purchasing an additional 984,344 shares during the last quarter. Perceptive Advisors LLC lifted its stake in Spyre Therapeutics by 23.3% in the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock valued at $190,826,000 after purchasing an additional 714,000 shares during the last quarter. Capital International Investors lifted its stake in Spyre Therapeutics by 46.0% in the 4th quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock valued at $114,416,000 after purchasing an additional 1,100,000 shares during the last quarter. Finally, Commodore Capital LP lifted its stake in Spyre Therapeutics by 20.1% in the 4th quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock valued at $78,239,000 after purchasing an additional 400,161 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Spyre Therapeutics Trading Down 6.2%

SYRE stock opened at $73.65 on Friday. The stock has a 50-day moving average price of $66.62 and a two-hundred day moving average price of $45.92. The stock has a market cap of $6.40 billion, a PE ratio of -35.41 and a beta of 3.05. Spyre Therapeutics has a 1 year low of $13.93 and a 1 year high of $79.54.

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

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.