Citigroup Increases Spyre Therapeutics (NASDAQ:SYRE) Price Target to $97.00

Spyre Therapeutics (NASDAQ:SYRE) had its price target boosted by equities researchers at Citigroup from $64.00 to $97.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 32.69% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Leerink Partners boosted their target price on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Robert W. Baird boosted their target price 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. JonesTrading boosted their price objective on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Wells Fargo & Company boosted their price objective on shares of Spyre Therapeutics from $50.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 14th. Finally, BTIG Research boosted their price objective on shares of Spyre Therapeutics from $70.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Spyre Therapeutics has an average rating of “Buy” and a consensus price target of $89.08.

Spyre Therapeutics Stock Performance

NASDAQ SYRE opened at $73.10 on Wednesday. The firm’s fifty day moving average price is $53.47 and its two-hundred day moving average price is $38.67. The stock has a market cap of $6.35 billion, a PE ratio of -35.14 and a beta of 3.12. Spyre Therapeutics has a fifty-two week low of $12.28 and a fifty-two week high of $76.00.

Spyre Therapeutics (NASDAQ:SYRE) last posted its 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). As a group, sell-side analysts predict that Spyre Therapeutics will post -2.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 12,500 shares of the company’s stock in a transaction on 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 owned 97,994 shares of the company’s stock, valued at approximately $6,993,831.78. This represents a 11.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $71.50, for a total transaction of $5,600,809.50. Following the sale, the insider directly owned 78,333 shares in the company, valued at $5,600,809.50. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 153,791 shares of company stock valued at $9,805,860. 15.69% of the stock is currently owned by insiders.

Institutional Trading of Spyre Therapeutics

Institutional investors have recently bought and sold shares of the company. Summit Securities Group LLC bought a new stake in Spyre Therapeutics during the first quarter valued at $28,000. KBC Group NV bought a new stake in Spyre Therapeutics during the first quarter valued at $69,000. Persistent Asset Partners Ltd bought a new stake in Spyre Therapeutics during the fourth quarter valued at $74,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Spyre Therapeutics by 61.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock valued at $124,000 after acquiring an additional 1,435 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in Spyre Therapeutics during the first quarter valued at $196,000. Institutional investors own 80.39% of the company’s stock.

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.