Spyre Therapeutics (NASDAQ:SYRE) Receives Buy Rating from BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reaffirmed by analysts at BTIG Research in a research note issued on Friday,Benzinga reports. They presently have a $70.00 price objective on the stock. BTIG Research’s price objective points to a potential upside of 67.63% from the stock’s current price.

A number of other research firms have also recently weighed in on SYRE. JonesTrading upgraded Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Monday, December 1st. Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. Mizuho upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, December 18th. Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, Citigroup began coverage on Spyre Therapeutics in a report on Wednesday, December 17th. They set a “buy” rating and a $64.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Spyre Therapeutics has an average rating of “Buy” and an average target price of $53.88.

Spyre Therapeutics Price Performance

Shares of SYRE traded up $3.95 during midday trading on Friday, hitting $41.76. The stock had a trading volume of 792,423 shares, compared to its average volume of 645,672. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of -19.06 and a beta of 3.15. The company has a 50 day simple moving average of $33.21 and a two-hundred day simple moving average of $25.10. Spyre Therapeutics has a twelve month low of $10.91 and a twelve month high of $42.74.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04). Analysts forecast that Spyre Therapeutics will post -4.46 EPS for the current fiscal year.

Insider Activity

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $32.80, for a total transaction of $492,000.00. Following the sale, the chief executive officer directly owned 657,540 shares in the company, valued at $21,567,312. This represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 45,000 shares of company stock worth $1,387,500. Corporate insiders own 15.43% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. RTW Investments LP increased its stake in Spyre Therapeutics by 15.2% in the fourth quarter. RTW Investments LP now owns 4,171,996 shares of the company’s stock valued at $136,675,000 after acquiring an additional 550,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Spyre Therapeutics by 32.3% in the 4th quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock valued at $132,189,000 after purchasing an additional 984,344 shares in the last quarter. Capital International Investors increased its stake in shares of Spyre Therapeutics by 46.0% in the 4th quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock valued at $114,416,000 after purchasing an additional 1,100,000 shares during the last quarter. Perceptive Advisors LLC boosted its stake in Spyre Therapeutics by 149.6% in the fourth quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company’s stock valued at $100,548,000 after buying an additional 1,839,780 shares in the last quarter. Finally, Commodore Capital LP grew its holdings in shares of Spyre Therapeutics by 20.1% during the 4th quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock valued at $78,239,000 after purchasing an additional 400,161 shares during the last quarter. 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.