Squarepoint Ops LLC Buys Shares of 139,605 Spyre Therapeutics, Inc. $SYRE

Squarepoint Ops LLC purchased a new position in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 139,605 shares of the company’s stock, valued at approximately $12,394,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Summit Securities Group LLC acquired a new position in shares of Spyre Therapeutics in the first quarter valued at approximately $28,000. GAMMA Investing LLC raised 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 acquiring an additional 140 shares during the last quarter. KBC Group NV purchased a new position in shares of Spyre Therapeutics during the 1st quarter worth $69,000. Russell Investments Group Ltd. lifted its stake in shares of 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 purchasing an additional 4,092 shares during the period. Finally, Persistent Asset Partners Ltd acquired a new stake in shares of Spyre Therapeutics during the fourth quarter worth $74,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, CFO Scott Burrows sold 18,232 shares of the company’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 sale, the chief financial officer directly owned 79,762 shares in the company, valued at $7,126,734.70. This represents a 18.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $87.29, for a total value of $1,309,350.00. Following the completion of the transaction, the chief executive officer owned 552,540 shares in the company, valued at approximately $48,231,216.60. This trade represents a 2.64% 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. Over the last ninety days, insiders have sold 180,465 shares of company stock valued at $16,638,714. Insiders own 15.69% of the company’s stock.

Trending Headlines about Spyre Therapeutics

Here are the key news stories impacting Spyre Therapeutics this week:

• Positive Sentiment: Positive Phase 2 SPY003 results: Spyre reported that its anti-IL-23 antibody, SPY003, met the primary endpoint in the SKYLINE ulcerative colitis study, delivering a statistically significant reduction in disease activity. The company characterized the results as potentially best-in-class and said they complete proof-of-concept for all three components of its planned IBD combination therapies. Spyre SPY003 SKYLINE trial announcement
• Positive Sentiment: Strategic pipeline validation: The SPY003 data strengthen Spyre’s multi-mechanism IBD platform by providing clinical validation for the third component of its combination approach. Additional reports described the results as a potentially important competitive milestone for the company. Zacks SPY003 ulcerative colitis study
• Positive Sentiment: Analysts remain bullish: Wedbush reaffirmed its “outperform” rating with a $123 price target, while BTIG reiterated its “buy” rating with a $121 target. Both targets indicate meaningful upside from the referenced $86.93 share price. Wedbush rating update BTIG rating update
• Positive Sentiment: Investor visibility: Spyre presented at Citigroup’s Biopharma Back to School Summit, giving management an opportunity to discuss the pipeline and recent SPY003 results with institutional investors. Spyre Citigroup summit transcript
• Neutral Sentiment: The favorable data are still from a Phase 2 study; further development, larger studies, regulatory review and commercial execution remain important risks. The supplied articles do not report a new negative development.

Spyre Therapeutics Stock Down 4.3%

Shares of NASDAQ SYRE opened at $86.93 on Thursday. The stock has a market capitalization of $7.64 billion, a PE ratio of -44.58 and a beta of 2.99. The firm has a fifty day moving average of $98.03 and a 200-day moving average of $76.00. Spyre Therapeutics, Inc. has a 52-week low of $14.51 and a 52-week high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE) last issued its 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. Equities research analysts expect that Spyre Therapeutics, Inc. will post -2.71 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on SYRE. 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. Wedbush reiterated an “outperform” rating and set a $123.00 target price on shares of Spyre Therapeutics in a research report on Wednesday. Mizuho raised their price target on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Wolfe Research lowered Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 28th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating for the company in a report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $109.69.

Spyre Therapeutics 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.