Spyre Therapeutics (NASDAQ:SYRE) Reaches New 1-Year High – Here’s What Happened

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) hit a new 52-week high on Wednesday . The stock traded as high as $84.93 and last traded at $83.41, with a volume of 1337059 shares trading hands. The stock had previously closed at $83.58.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Spyre Therapeutics from $102.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. JonesTrading lifted 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. Raymond James Financial began coverage on shares of Spyre Therapeutics in a report on Monday, April 13th. They issued a “strong-buy” rating and a $80.00 target price on the stock. BTIG Research raised their target price on shares of Spyre Therapeutics from $98.00 to $112.00 and gave the stock a “buy” rating in a report on Monday. Finally, Leerink Partners lifted their price target on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $94.17.

Spyre Therapeutics Trading Down 0.2%

The company has a fifty day simple moving average of $70.97 and a 200-day simple moving average of $48.68. The stock has a market cap of $7.24 billion, a price-to-earnings ratio of -40.10 and a beta of 3.05.

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, analysts anticipate that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current year.

Insider Activity

In other news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $70.43, for a total value of $1,056,450.00. Following the completion of the sale, the chief executive officer owned 597,540 shares in the company, valued at $42,084,742.20. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $71.06, for a total value of $532,950.00. Following the completion of the sale, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at approximately $6,963,453.64. This trade represents a 7.11% decrease in their position. 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 sold 247,124 shares of company stock valued at $17,237,760 in the last 90 days. Company insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Summit Securities Group LLC purchased a new position in Spyre Therapeutics during the first quarter valued at approximately $28,000. KBC Group NV purchased a new stake in Spyre Therapeutics in the 1st quarter worth approximately $69,000. Persistent Asset Partners Ltd acquired a new stake in shares of Spyre Therapeutics during the 4th quarter valued at $74,000. ABS Direct Equity Fund LLC purchased a new position in shares of Spyre Therapeutics during the 1st quarter valued at $141,000. Finally, Royal Bank of Canada grew its holdings in shares of Spyre Therapeutics by 63.5% during the 1st quarter. Royal Bank of Canada now owns 3,250 shares of the company’s stock valued at $164,000 after acquiring an additional 1,262 shares in the last quarter. Hedge funds and other 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.