Spyre Therapeutics (NASDAQ:SYRE) Releases Quarterly Earnings Results, Beats Estimates By $0.40 EPS

Spyre Therapeutics (NASDAQ:SYRE) announced its earnings results on Tuesday. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.40, FiscalAI reports.

Spyre Therapeutics Stock Up 10.5%

NASDAQ:SYRE traded up $10.01 during trading hours on Tuesday, hitting $104.94. 829,899 shares of the stock were exchanged, compared to its average volume of 1,089,766. The company has a market capitalization of $9.23 billion, a P/E ratio of -50.45 and a beta of 3.03. The company’s 50 day moving average is $89.28 and its two-hundred day moving average is $64.16. Spyre Therapeutics has a twelve month low of $14.51 and a twelve month high of $105.25.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SYRE shares. Jefferies Financial Group raised their price target on Spyre Therapeutics from $47.00 to $85.00 and gave the company a “buy” rating in a report on Monday, April 13th. Robert W. Baird increased their target price on Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, April 14th. Wall Street Zen cut Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Wedbush restated an “outperform” rating and issued a $100.00 target price on shares of Spyre Therapeutics in a research note on Tuesday, June 16th. Finally, Citigroup lifted their price target on Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. 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.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $101.42.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, insider Sheldon Sloan sold 8,334 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total transaction of $730,891.80. Following the completion of the sale, the insider directly owned 8,334 shares of the company’s stock, valued at approximately $730,891.80. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $87.69, for a total transaction of $1,315,350.00. Following the transaction, the chief executive officer owned 582,540 shares in the company, valued at approximately $51,082,932.60. The trade was a 2.51% decrease in their ownership of the stock. 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. In the last ninety days, insiders have sold 176,667 shares of company stock worth $14,177,617. Insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its holdings in 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 bought a new position in shares of Spyre Therapeutics in the 4th quarter worth $74,000. Tower Research Capital LLC TRC boosted its position in shares of Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after purchasing an additional 3,725 shares during the last quarter. Man Group plc acquired a new stake in shares of Spyre Therapeutics during the second quarter worth $162,000. Finally, Martingale Asset Management L P bought a new stake in Spyre Therapeutics in the fourth quarter valued at about $227,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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.