Spyre Therapeutics (NASDAQ:SYRE) Issues Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Spyre Therapeutics (NASDAQ:SYRE) released its quarterly earnings results on Tuesday. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.08), FiscalAI reports.

Spyre Therapeutics Price Performance

NASDAQ:SYRE traded down $0.30 during mid-day trading on Thursday, reaching $72.70. 473,467 shares of the company’s stock traded hands, compared to its average volume of 928,269. Spyre Therapeutics has a 12-month low of $12.28 and a 12-month high of $76.00. The company has a 50 day moving average price of $52.88 and a 200-day moving average price of $38.31. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of -35.03 and a beta of 3.12.

Analyst Ratings Changes

A number of research firms have commented on SYRE. Robert W. Baird raised their price objective on Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 14th. Citigroup lifted their price target on Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday. Wells Fargo & Company lifted their price target on Spyre Therapeutics from $50.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, April 14th. Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Finally, BTIG Research boosted their price objective on Spyre Therapeutics from $70.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Two 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $89.08.

Insiders Place Their Bets

In related news, CFO Scott L. Burrows sold 12,500 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $6,993,831.78. This represents a 11.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 78,333 shares of the stock in a transaction on 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 sale, the insider owned 78,333 shares in the company, valued at approximately $5,600,809.50. This represents a 50.00% 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. In the last quarter, insiders have sold 153,791 shares of company stock worth $9,805,860. Company insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Summit Securities Group LLC bought a new position in shares of Spyre Therapeutics during the 1st quarter valued at $28,000. KBC Group NV bought a new position in Spyre Therapeutics in the 1st quarter worth $69,000. Russell Investments Group Ltd. raised its holdings in Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after purchasing an additional 4,092 shares during the period. Persistent Asset Partners Ltd bought a new position in Spyre Therapeutics in the 4th quarter worth $74,000. Finally, Tower Research Capital LLC TRC raised its holdings in Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after purchasing an additional 3,725 shares during the period. 80.39% of the stock is owned by institutional investors.

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.