Spyre Therapeutics (NASDAQ:SYRE) Hits New 12-Month High – Should You Buy?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $84.93 and last traded at $83.41, with a volume of 1337059 shares changing hands. The stock had previously closed at $83.58.

Wall Street Analyst Weigh In

SYRE has been the subject of a number of research reports. Robert W. Baird lifted their price objective on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Spyre Therapeutics from $102.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Wells Fargo & Company raised their price target on shares of Spyre Therapeutics from $50.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 14th. JonesTrading lifted their price target on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the company a “buy” rating in a report on Friday, April 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Thursday, June 4th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $94.17.

Spyre Therapeutics Price Performance

The stock has a market capitalization of $7.24 billion, a price-to-earnings ratio of -40.10 and a beta of 3.05. The company has a 50-day simple moving average of $70.97 and a two-hundred day simple moving average of $48.68.

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

Insiders Place Their Bets

In related news, CFO Scott L. Burrows sold 12,500 shares of Spyre Therapeutics stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $71.37, for a total transaction of $892,125.00. Following the sale, the chief financial officer directly owned 97,994 shares in the company, valued at $6,993,831.78. The trade was a 11.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Thomas Henderson sold 80,000 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $74.40, for a total transaction of $5,952,000.00. Following the completion of the sale, the director directly owned 88,606 shares of the company’s stock, valued at $6,592,286.40. The trade was a 47.45% decrease in their position. 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. Over the last 90 days, insiders sold 247,124 shares of company stock valued at $17,237,760. 15.69% of the stock is owned by corporate insiders.

Institutional Trading of Spyre Therapeutics

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