Spyre Therapeutics (NASDAQ:SYRE) Issues Earnings Results

Spyre Therapeutics (NASDAQ:SYRE) issued its earnings results on Tuesday. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.15), FiscalAI reports.

Spyre Therapeutics Stock Down 3.6%

NASDAQ SYRE traded down $3.53 during trading hours on Wednesday, hitting $95.74. The company’s stock had a trading volume of 172,392 shares, compared to its average volume of 1,120,525. Spyre Therapeutics has a twelve month low of $21.15 and a twelve month high of $110.18. The firm has a market capitalization of $9.76 billion, a P/E ratio of -49.12 and a beta of 3.24. The stock has a fifty day moving average of $89.69 and a 200 day moving average of $73.50.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SYRE shares. UBS Group started coverage on Spyre Therapeutics in a research note on Sunday, October 11th. They set a “buy” rating and a $120.00 price objective for the company. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a research note on Wednesday, August 26th. Wells Fargo & Company upped their target price on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Guggenheim increased their target price on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, Mizuho lifted their price target on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $110.20.

Insider Buying and Selling

In other news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $87.29, for a total value of $1,309,350.00. Following the transaction, the chief executive officer directly owned 552,540 shares in the company, valued at $48,231,216.60. This trade represents a 2.64% decrease in their position. 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, Director Jeffrey Albers sold 18,000 shares of Spyre Therapeutics stock in a transaction on Friday, August 7th. The stock was sold at an average price of $104.55, for a total value of $1,881,900.00. Following the sale, the director directly owned 9,360 shares of the company’s stock, valued at approximately $978,588. This trade represents a 65.79% 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. In the last quarter, insiders sold 161,064 shares of company stock worth $14,753,768. Company insiders own 15.69% of the company’s stock.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre’s investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.