Spyre Therapeutics (NASDAQ:SYRE) Stock Rating Lowered by Wolfe Research

Spyre Therapeutics (NASDAQ:SYRE) was downgraded by analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company increased their price target on shares of Spyre Therapeutics from $50.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, April 14th. BTIG Research upped their target price on shares of Spyre Therapeutics from $98.00 to $112.00 and gave the company a “buy” rating in a report on Monday, June 15th. Leerink Partners lifted their price target on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Citigroup lifted their target price on Spyre Therapeutics from $64.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Raymond James Financial started coverage on Spyre Therapeutics in a report on Monday, April 13th. They issued a “strong-buy” rating and a $80.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.42.

Spyre Therapeutics Stock Performance

NASDAQ:SYRE opened at $100.04 on Tuesday. The stock has a 50-day simple moving average of $86.02 and a 200-day simple moving average of $61.28. The stock has a market cap of $8.80 billion, a P/E ratio of -48.10 and a beta of 3.02. Spyre Therapeutics has a 1 year low of $14.51 and a 1 year high of $105.09.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.08). On average, equities research analysts predict that Spyre Therapeutics will post -2.86 EPS for the current year.

Insider Buying and Selling at Spyre Therapeutics

In other news, 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 in the company, valued at approximately $8,597,993.56. This represents a 7.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.69, for a total value of $1,315,350.00. Following the transaction, the chief executive officer directly owned 582,540 shares in the company, valued at approximately $51,082,932.60. This represents a 2.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 282,500 shares of company stock worth $21,741,101 in the last quarter. 15.69% of the stock is currently owned by company insiders.

Institutional Trading of Spyre Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYRE. Summit Securities Group LLC acquired a new stake in Spyre Therapeutics during the 1st quarter worth approximately $28,000. GAMMA Investing LLC increased its holdings in shares of Spyre Therapeutics by 26.8% in the second quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock valued at $59,000 after purchasing an additional 140 shares during the period. KBC Group NV purchased a new stake in shares of Spyre Therapeutics during the first quarter worth approximately $69,000. Persistent Asset Partners Ltd purchased a new stake in shares of Spyre Therapeutics during the fourth quarter worth approximately $74,000. Finally, ABS Direct Equity Fund LLC acquired a new stake in shares of Spyre Therapeutics during the first quarter worth $141,000. 80.39% of the stock is 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.