BTIG Research Cuts Spyre Therapeutics (NASDAQ:SYRE) Price Target to $121.00

Spyre Therapeutics (NASDAQ:SYRE) had its price objective decreased by equities researchers at BTIG Research from $132.00 to $121.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price objective would indicate a potential upside of 12.70% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. Wedbush boosted their price target on Spyre Therapeutics from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Wall Street Zen lowered shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, August 16th. Wolfe Research lowered shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a report on Tuesday, July 28th. Wells Fargo & Company boosted their target price on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft set a $127.00 price target on shares of Spyre Therapeutics in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $110.23.

Spyre Therapeutics Price Performance

Shares of Spyre Therapeutics stock opened at $107.36 on Wednesday. The stock has a market cap of $9.44 billion, a PE ratio of -55.06 and a beta of 3.03. The firm has a fifty day moving average price of $98.16 and a 200 day moving average price of $71.79. Spyre Therapeutics has a 1 year low of $14.51 and a 1 year high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.40. As a group, equities analysts expect that Spyre Therapeutics will post -2.62 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $70.43, for a total transaction of $1,056,450.00. Following the completion of the sale, the chief executive officer directly owned 597,540 shares in the company, valued at approximately $42,084,742.20. The trade was a 2.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 8,334 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $87.70, for a total value of $730,891.80. Following the completion of the transaction, the insider owned 8,334 shares in the company, valued at $730,891.80. The trade was a 50.00% 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. Over the last 90 days, insiders have sold 142,167 shares of company stock valued at $12,779,292. 15.69% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Spyre Therapeutics by 32.3% during the 4th quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock valued at $132,189,000 after acquiring an additional 984,344 shares during the last quarter. Capital International Investors increased its position in Spyre Therapeutics by 46.0% during the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock worth $114,416,000 after purchasing an additional 1,100,000 shares during the last quarter. Seven Grand Managers LLC purchased a new position in Spyre Therapeutics during the fourth quarter worth about $3,276,000. UBS Group AG raised its stake in Spyre Therapeutics by 76.5% during the fourth quarter. UBS Group AG now owns 680,566 shares of the company’s stock worth $22,295,000 after purchasing an additional 294,977 shares during the period. Finally, Handelsbanken Fonder AB acquired a new position in Spyre Therapeutics in the 2nd quarter valued at about $2,308,000. 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.