Spyre Therapeutics (NASDAQ:SYRE) Hits New 52-Week High After Analyst Upgrade

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares hit a new 52-week high during mid-day trading on Tuesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $115.00 to $135.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Spyre Therapeutics traded as high as $101.71 and last traded at $100.32, with a volume of 2804591 shares trading hands. The stock had previously closed at $88.34.

Other analysts also recently issued reports about the stock. Wedbush reiterated an “outperform” rating and issued a $100.00 price objective on shares of Spyre Therapeutics in a research report on Tuesday, June 16th. Citigroup lifted their price target on Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Robert W. Baird boosted their price objective on Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 14th. Wells Fargo & Company increased their price objective on Spyre Therapeutics from $50.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, April 14th. Finally, Raymond James Financial initiated coverage on Spyre Therapeutics in a research report on Monday, April 13th. They issued a “strong-buy” rating and a $80.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $95.83.

Insider Activity at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 12,500 shares of the business’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $71.37, for a total value of $892,125.00. Following the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at approximately $6,993,831.78. The trade was a 11.31% 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, insider Sheldon Sloan sold 78,333 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $71.50, for a total transaction of $5,600,809.50. Following the completion of the sale, the insider owned 78,333 shares in the company, valued at approximately $5,600,809.50. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 267,124 shares of company stock worth $19,237,760 in the last 90 days. Corporate insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds have recently modified their holdings of the stock. Seven Fleet Capital Management LP purchased a new position in Spyre Therapeutics in the 1st quarter worth about $993,000. 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 worth $190,826,000 after acquiring an additional 714,000 shares in the last quarter. Bank of America Corp DE boosted its position in Spyre Therapeutics by 192.6% during the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after acquiring an additional 808,366 shares during the period. Stempoint Capital LP boosted its holdings in shares of Spyre Therapeutics by 417.7% during the first quarter. Stempoint Capital LP now owns 167,606 shares of the company’s stock worth $8,454,000 after purchasing an additional 135,229 shares during the period. Finally, ADAR1 Capital Management LLC increased its stake in Spyre Therapeutics by 893.6% in the 1st quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock valued at $17,065,000 after buying an additional 304,272 shares during the period. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Spyre Therapeutics Price Performance

The company has a fifty day moving average of $75.55 and a 200-day moving average of $51.25. The firm has a market capitalization of $7.49 billion, a PE ratio of -41.46 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE) last posted 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). Equities analysts anticipate that Spyre Therapeutics, Inc. will post -2.86 EPS for the current year.

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.