Spyre Therapeutics (NASDAQ:SYRE) Price Target Raised to $92.00

Spyre Therapeutics (NASDAQ:SYRE) had its target price hoisted by Stifel Nicolaus from $70.00 to $92.00 in a report issued on Wednesday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Citigroup assumed coverage on shares of Spyre Therapeutics in a research note on Wednesday, December 17th. They set a “buy” rating and a $64.00 target price on the stock. Wells Fargo & Company boosted their target price on shares of Spyre Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, February 20th. JonesTrading raised shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research note on Monday, December 1st. Finally, Leerink Partners upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, February 19th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $60.67.

Spyre Therapeutics Stock Performance

NASDAQ SYRE opened at $41.25 on Wednesday. The stock’s fifty day moving average is $37.31 and its two-hundred day moving average is $28.84. The firm has a market capitalization of $3.24 billion, a P/E ratio of -19.83 and a beta of 3.09. Spyre Therapeutics has a fifty-two week low of $10.91 and a fifty-two week high of $45.76.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results 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). As a group, sell-side analysts forecast that Spyre Therapeutics will post -4.46 EPS for the current year.

Insider Activity

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 2,500 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $40.65, for a total transaction of $101,625.00. Following the sale, the chief financial officer directly owned 97,994 shares in the company, valued at $3,983,456.10. This represents a 2.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction dated Monday, February 2nd. The stock was 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 position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 47,500 shares of company stock valued at $1,686,675. 15.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds have recently added to or reduced their stakes in SYRE. Persistent Asset Partners Ltd purchased a new position in Spyre Therapeutics in the 4th quarter valued at approximately $74,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Spyre Therapeutics by 61.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock worth $124,000 after acquiring an additional 1,435 shares during the period. Russell Investments Group Ltd. increased its position in shares of Spyre Therapeutics by 2,881.7% during the third 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. Ameritas Investment Partners Inc. raised its stake in shares of Spyre Therapeutics by 25.8% in the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after acquiring an additional 1,045 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of 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 in the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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.