Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Down – Time to Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $88.98, but opened at $85.00. Spyre Therapeutics shares last traded at $87.9320, with a volume of 98,627 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SYRE shares. Guggenheim lifted their price objective on Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Wolfe Research cut shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 28th. Wall Street Zen downgraded shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, August 16th. BTIG Research dropped their price target on shares of Spyre Therapeutics from $132.00 to $121.00 and set a “buy” rating for the company in a research report on Wednesday, August 26th. Finally, Mizuho increased their price objective on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Spyre Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $109.69.

Spyre Therapeutics Stock Performance

The firm has a market capitalization of $7.99 billion, a PE ratio of -46.64 and a beta of 2.99. The business’s fifty day simple moving average is $98.03 and its 200-day simple moving average is $75.27.

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

Insider Activity at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 18,232 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the completion of the transaction, the chief financial officer owned 79,762 shares in the company, valued at $7,126,734.70. This trade represents a 18.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Heidy King-Jones sold 400 shares of Spyre Therapeutics stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $90.00, for a total value of $36,000.00. Following the completion of the sale, the insider directly owned 2,845 shares in the company, valued at $256,050. This trade represents a 12.33% decrease in their ownership of the stock. 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 180,465 shares of company stock worth $16,638,714 in the last quarter. 15.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYRE. Summit Securities Group LLC bought a new stake in Spyre Therapeutics in the 1st quarter worth approximately $28,000. GAMMA Investing LLC grew 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 in the last quarter. KBC Group NV bought a new stake in Spyre Therapeutics in the first quarter worth $69,000. Russell Investments Group Ltd. increased its position in Spyre Therapeutics by 2,881.7% in the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after purchasing an additional 4,092 shares during the last quarter. Finally, Persistent Asset Partners Ltd bought a new stake in Spyre Therapeutics in the fourth quarter worth $74,000. 80.39% of the stock is owned by 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.