Spyre Therapeutics (NASDAQ:SYRE) Shares Up 6.3% – What’s Next?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) rose 6.3% during trading on Wednesday . The stock traded as high as $76.11 and last traded at $73.50. Approximately 176,576 shares were traded during trading, a decline of 81% from the average daily volume of 930,107 shares. The stock had previously closed at $69.16.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SYRE. Jefferies Financial Group increased their price target on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the company a “buy” rating in a report on Monday, April 13th. Wedbush boosted their price objective on Spyre Therapeutics from $65.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Citigroup upped their target price on Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $102.00 target price on shares of Spyre Therapeutics in a research note on Tuesday, May 12th. Finally, Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $90.25.

Spyre Therapeutics Stock Performance

The stock has a market cap of $6.39 billion, a P/E ratio of -35.40 and a beta of 3.05. The stock’s fifty day simple moving average is $64.16 and its 200-day simple moving average is $44.65.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). As a group, equities research analysts forecast that Spyre Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Insider Buying and Selling

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $71.37, for a total transaction of $1,070,550.00. Following the transaction, the chief executive officer owned 612,540 shares in the company, valued at $43,716,979.80. This trade represents a 2.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 12,500 shares of Spyre Therapeutics stock in a transaction on Friday, May 1st. The shares were sold at an average price of $71.37, for a total value of $892,125.00. Following the completion of the transaction, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at $6,993,831.78. This represents a 11.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 216,291 shares of company stock worth $15,023,385 in the last quarter. Insiders own 15.69% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Large investors have recently bought and sold shares of the company. Summit Securities Group LLC bought a new position in Spyre Therapeutics in the 1st quarter valued at about $28,000. KBC Group NV bought a new stake in shares of Spyre Therapeutics during the 1st quarter worth approximately $69,000. Russell Investments Group Ltd. lifted its holdings in shares of Spyre Therapeutics by 2,881.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after acquiring an additional 4,092 shares during the period. Persistent Asset Partners Ltd acquired a new stake in shares of Spyre Therapeutics during the 4th quarter worth approximately $74,000. Finally, Tower Research Capital LLC TRC increased its stake in Spyre Therapeutics by 182.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after acquiring an additional 3,725 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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.