Insider Selling: Spyre Therapeutics (NASDAQ:SYRE) Insider Sells $730,891.80 in Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) insider Sheldon Sloan sold 8,334 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.70, for a total transaction of $730,891.80. Following the transaction, the insider owned 8,334 shares in the company, valued at approximately $730,891.80. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sheldon Sloan also recently made the following trade(s):

• On Wednesday, June 3rd, Sheldon Sloan sold 8,333 shares of Spyre Therapeutics stock. The shares were sold at an average price of $75.00, for a total transaction of $624,975.00.
• On Friday, May 1st, Sheldon Sloan sold 78,333 shares of Spyre Therapeutics stock. The stock was sold at an average price of $71.50, for a total transaction of $5,600,809.50.

Spyre Therapeutics Price Performance

Spyre Therapeutics stock opened at $86.63 on Friday. The firm has a market cap of $7.62 billion, a P/E ratio of -41.65 and a beta of 3.02. The business has a fifty day moving average of $78.04 and a two-hundred day moving average of $53.78. Spyre Therapeutics, Inc. has a twelve month low of $14.51 and a twelve month high of $102.06.

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

Institutional Investors Weigh In On Spyre Therapeutics

Large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Spyre Therapeutics by 18.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock valued at $442,000 after acquiring an additional 4,277 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Spyre Therapeutics by 13.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock worth $708,000 after purchasing an additional 5,723 shares in the last quarter. Rhumbline Advisers boosted its stake in Spyre Therapeutics by 30.6% in the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock worth $1,095,000 after purchasing an additional 17,145 shares in the last quarter. New York State Common Retirement Fund grew its position in 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 worth $248,000 after purchasing an additional 6,300 shares during the last quarter. Finally, Invesco Ltd. grew its position in Spyre Therapeutics by 37.6% during the 2nd quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock worth $519,000 after purchasing an additional 9,473 shares during the last quarter. Hedge funds and other institutional investors own 80.39% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Wells Fargo & Company increased their price target on shares of Spyre Therapeutics from $50.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, April 14th. Wedbush reaffirmed an “outperform” rating and issued a $100.00 price objective on shares of Spyre Therapeutics in a research report on Tuesday, June 16th. Robert W. Baird boosted their price objective on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 14th. Wall Street Zen cut shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. Finally, JonesTrading raised their target price on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Two equities research 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. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $95.83.

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.