Spyre Therapeutics (NASDAQ:SYRE) Shares Up 5.7% – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price rose 5.7% on Friday . The stock traded as high as $99.41 and last traded at $99.45. Approximately 213,529 shares were traded during trading, a decline of 81% from the average daily volume of 1,104,824 shares. The stock had previously closed at $94.12.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SYRE shares. JonesTrading boosted their price target on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Wedbush reiterated an “outperform” rating and issued a $100.00 target price on shares of Spyre Therapeutics in a report on Tuesday, June 16th. Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. BTIG Research upped their target price on Spyre Therapeutics from $98.00 to $112.00 and gave the company a “buy” rating in a report on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $101.42.

Spyre Therapeutics Stock Performance

The firm has a market cap of $8.80 billion, a P/E ratio of -48.16 and a beta of 3.02. The company has a 50 day moving average of $82.46 and a 200 day moving average of $57.90.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.08). As a group, analysts expect that Spyre Therapeutics, Inc. will post -2.86 EPS for the current fiscal year.

Insider Activity

In related news, insider Sheldon Sloan sold 8,334 shares of the company’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $87.70, for a total transaction of $730,891.80. Following the completion of the transaction, the insider directly owned 8,334 shares in the company, valued at $730,891.80. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $87.74, for a total transaction of $658,050.00. Following the completion of the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at approximately $8,597,993.56. The trade was a 7.11% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 282,500 shares of company stock valued at $21,741,101 over the last three months. 15.69% of the stock is currently owned by insiders.

Institutional Trading of Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SYRE. Summit Securities Group LLC acquired a new position in shares of Spyre Therapeutics in the first quarter valued at $28,000. GAMMA Investing LLC increased its holdings in Spyre Therapeutics by 26.8% in the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock valued at $59,000 after buying an additional 140 shares during the period. KBC Group NV acquired a new position in shares of Spyre Therapeutics in the 1st quarter valued at $69,000. Russell Investments Group Ltd. raised its stake in shares of Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after buying an additional 4,092 shares in the last quarter. Finally, Persistent Asset Partners Ltd bought a new position in shares of Spyre Therapeutics during the 4th quarter worth about $74,000. 80.39% of the stock is currently owned by institutional investors.

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.