Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares gapped up prior to trading on Monday . The stock had previously closed at $88.34, but opened at $95.00. Spyre Therapeutics shares last traded at $99.7440, with a volume of 419,816 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Raymond James Financial started coverage on Spyre Therapeutics in a research note on Monday, April 13th. They set a “strong-buy” rating and a $80.00 target price for the company. Leerink Partners boosted their price target on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Jefferies Financial Group upped their price objective on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spyre Therapeutics from $102.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Finally, JonesTrading boosted their target price 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. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Spyre Therapeutics currently has an average rating of “Buy” and an average target price of $94.17.

Spyre Therapeutics Price Performance

The stock has a market capitalization of $8.44 billion, a price-to-earnings ratio of -47.01 and a beta of 3.05. The stock has a 50 day moving average price of $73.21 and a 200-day moving average price of $49.91.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data 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, research analysts forecast that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current year.

Insider Buying and Selling at Spyre Therapeutics

In related news, Director Michael Thomas Henderson sold 80,000 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $74.40, for a total transaction of $5,952,000.00. Following the completion of the sale, the director owned 88,606 shares of the company’s stock, valued at approximately $6,592,286.40. This represents a 47.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 12,500 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $71.37, for a total transaction of $892,125.00. Following the sale, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at approximately $6,993,831.78. This represents a 11.31% 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 ninety days, insiders have sold 247,124 shares of company stock valued at $17,237,760. Insiders own 15.69% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

A number of large investors have recently made changes to their positions in the stock. Summit Securities Group LLC purchased a new position in Spyre Therapeutics during the first quarter worth approximately $28,000. KBC Group NV acquired a new stake in shares of Spyre Therapeutics in the 1st quarter worth $69,000. Russell Investments Group Ltd. raised its holdings in shares of Spyre Therapeutics by 2,881.7% during the 3rd 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. Persistent Asset Partners Ltd purchased a new position in shares of Spyre Therapeutics during the 4th quarter worth $74,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Spyre Therapeutics by 182.2% during the 2nd 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 during the last quarter. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

About Spyre Therapeutics

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.