Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 7.5% – Should You Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares fell 7.5% on Tuesday . The company traded as low as $66.62 and last traded at $64.8560. 98,419 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 942,231 shares. The stock had previously closed at $70.08.

Analyst Upgrades and Downgrades

SYRE has been the subject of a number of research analyst 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 research report on Tuesday, April 14th. Citigroup increased their price objective on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Stifel Nicolaus lifted their target price on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Wedbush upped their price target on shares of Spyre Therapeutics from $65.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Finally, BTIG Research increased their price target on shares of Spyre Therapeutics from $70.00 to $98.00 and gave the company a “buy” rating in a report on Monday, April 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $90.25.

Spyre Therapeutics Price Performance

The company has a market cap of $6.25 billion, a P/E ratio of -34.58 and a beta of 3.12. The stock has a 50-day moving average of $59.20 and a 200 day moving average of $41.84.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.08). Sell-side analysts predict that Spyre Therapeutics, Inc. will post -2.79 EPS for the current year.

Insider Activity

In other news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $42.19, for a total transaction of $632,850.00. Following the completion of the sale, the chief executive officer owned 642,540 shares of the company’s stock, valued at approximately $27,108,762.60. This represents a 2.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Scott L. Burrows sold 12,500 shares of the business’s stock in a transaction that occurred 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 transaction, 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. 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. Insiders have sold a total of 233,791 shares of company stock valued at $15,757,860 over the last quarter. 15.69% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors have recently modified their holdings of SYRE. Optimize Financial Inc boosted its stake in Spyre Therapeutics by 1.5% in the fourth quarter. Optimize Financial Inc now owns 25,331 shares of the company’s stock valued at $830,000 after buying an additional 364 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Spyre Therapeutics by 0.5% in the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company’s stock worth $1,788,000 after acquiring an additional 522 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Spyre Therapeutics in the 1st quarter valued at approximately $28,000. California State Teachers Retirement System grew its holdings in shares of Spyre Therapeutics by 1.8% during the 2nd quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock valued at $497,000 after purchasing an additional 603 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Spyre Therapeutics by 4.5% during the 4th quarter. AQR Capital Management LLC now owns 17,820 shares of the company’s stock worth $584,000 after purchasing an additional 773 shares in the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

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.