Spyre Therapeutics’ (SYRE) Buy Rating Reaffirmed at BTIG Research

BTIG Research reaffirmed their buy rating on shares of Spyre Therapeutics (NASDAQ:SYRE) in a research note released on Friday,Benzinga reports. BTIG Research currently has a $70.00 price objective on the stock.

Other research analysts have also recently issued research reports about the company. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Jones Trading upgraded shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Monday, December 1st. Citigroup initiated coverage on shares of Spyre Therapeutics in a research report on Wednesday, December 17th. They set a “buy” rating and a $64.00 price objective for the company. Mizuho upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, December 18th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Spyre Therapeutics in a report on Friday, September 26th. They set a “buy” rating and a $43.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $53.88.

Spyre Therapeutics Price Performance

Shares of SYRE opened at $33.24 on Friday. The firm has a 50 day simple moving average of $30.36 and a two-hundred day simple moving average of $22.16. Spyre Therapeutics has a one year low of $10.91 and a one year high of $35.31. The company has a market cap of $2.58 billion, a P/E ratio of -15.18 and a beta of 3.17.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Tuesday, November 4th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.53. On average, analysts expect that Spyre Therapeutics will post -4.46 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Cameron Turtle sold 45,000 shares of Spyre Therapeutics stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $23.33, for a total transaction of $1,049,850.00. Following the transaction, the chief executive officer owned 701,907 shares in the company, valued at approximately $16,375,490.31. The trade was a 6.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 75,000 shares of company stock worth $1,945,350 over the last ninety days. 15.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Spyre Therapeutics by 18.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock valued at $442,000 after buying an additional 4,277 shares during the last quarter. CWM LLC boosted its holdings in Spyre Therapeutics by 357.8% in the second quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after acquiring an additional 1,338 shares during the last quarter. TD Asset Management Inc increased its position in Spyre Therapeutics by 409.5% during the 2nd quarter. TD Asset Management Inc now owns 113,968 shares of the company’s stock valued at $1,706,000 after purchasing an additional 91,600 shares during the period. AlphaQuest LLC raised its holdings in Spyre Therapeutics by 30.8% during the 2nd quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock worth $62,000 after purchasing an additional 983 shares during the last quarter. Finally, Emerald Advisers LLC lifted its position in shares of Spyre Therapeutics by 3.3% in the 2nd quarter. Emerald Advisers LLC now owns 565,863 shares of the company’s stock worth $8,471,000 after purchasing an additional 18,036 shares during the period. 80.39% of the stock is owned by institutional investors and hedge funds.

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.