Spyre Therapeutics (NASDAQ:SYRE) Stock Rating Upgraded by UBS Group

Spyre Therapeutics (NASDAQ:SYRE) was upgraded by analysts at UBS Group to a “strong-buy” rating in a report issued on Sunday, Zacks reports.

A number of other brokerages have also recently weighed in on SYRE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Tuesday, September 1st. Wedbush reissued an “outperform” rating and set a $123.00 price objective on shares of Spyre Therapeutics in a report on Wednesday, September 9th. Mizuho raised their price objective on Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. JPMorgan Chase & Co. assumed coverage on Spyre Therapeutics in a research note on Thursday, October 1st. They issued an “overweight” rating and a $110.00 price objective on the stock. Finally, Wolfe Research lowered Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a report on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $110.40.

Spyre Therapeutics Trading Down 6.3%

Spyre Therapeutics stock opened at $80.45 on Friday. Spyre Therapeutics has a 1-year low of $18.71 and a 1-year high of $110.18. The firm’s fifty day simple moving average is $93.47 and its 200-day simple moving average is $83.70. The company has a market capitalization of $8.20 billion, a P/E ratio of -41.26 and a beta of 3.10.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.40. On average, equities research analysts predict that Spyre Therapeutics will post -2.71 earnings per share for the current year.

Insider Activity

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $92.01, for a total transaction of $1,380,150.00. Following the completion of the transaction, the chief executive officer owned 537,540 shares of the company’s stock, valued at $49,459,055.40. The trade was a 2.71% 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, insider Heidy King-Jones sold 28,933 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the transaction, the insider directly owned 2,845 shares of the company’s stock, valued at approximately $258,980.35. This represents a 91.05% decrease in their position. 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. Over the last 90 days, insiders have sold 183,564 shares of company stock valued at $16,903,193. 15.69% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Perceptive Advisors LLC increased its position in Spyre Therapeutics by 23.3% in the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after buying an additional 714,000 shares during the period. Commodore Capital LP lifted its holdings in shares of Spyre Therapeutics by 20.1% during the fourth quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock worth $78,239,000 after buying an additional 400,161 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Spyre Therapeutics by 192.6% during the first quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after buying an additional 808,366 shares during the last quarter. Candriam S.C.A. lifted its holdings in shares of Spyre Therapeutics by 43.4% during the first quarter. Candriam S.C.A. now owns 610,282 shares of the company’s stock worth $30,783,000 after buying an additional 184,748 shares during the last quarter. Finally, ADAR1 Capital Management LLC boosted its position in shares of Spyre Therapeutics by 893.6% in the first quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock valued at $17,065,000 after acquiring an additional 304,272 shares during the period. 80.39% of the stock is owned by institutional investors and hedge funds.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre’s pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).