Spyre Therapeutics (NASDAQ:SYRE) Share Price Breaks Above Fifty Day Moving Average – Should You Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $90.75 and traded as high as $94.19. Spyre Therapeutics shares last traded at $92.91, with a volume of 637,158 shares changing hands.

Analyst Upgrades and Downgrades

SYRE has been the topic of a number of recent analyst reports. Mizuho raised their target price on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Wall Street Zen raised Spyre Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, October 3rd. UBS Group started coverage on Spyre Therapeutics in a research note on Sunday, October 11th. They issued a “buy” rating and a $120.00 price target for the company. BTIG Research reiterated a “buy” rating and issued a $121.00 price target on shares of Spyre Therapeutics in a research report on Monday, October 19th. Finally, Guggenheim increased their price target on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $110.40.

Spyre Therapeutics Stock Up 2.9%

The company has a market capitalization of $9.47 billion, a P/E ratio of -47.65 and a beta of 3.10. The firm has a fifty day simple moving average of $90.75 and a 200-day simple moving average of $71.50.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.40. On average, sell-side analysts predict that Spyre Therapeutics, Inc. will post -2.71 earnings per share for the current fiscal year.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, Director Jeffrey Albers sold 18,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the sale, the director directly owned 9,360 shares in the company, valued at approximately $978,588. This trade represents a 65.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heidy King-Jones sold 28,933 shares of Spyre Therapeutics stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the completion of the transaction, the insider directly owned 2,845 shares in the company, valued at approximately $258,980.35. The trade was a 91.05% 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 183,564 shares of company stock valued at $16,903,193. Corporate insiders own 15.69% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sterling Capital Management LLC lifted its position in Spyre Therapeutics by 862.6% in the 3rd quarter. Sterling Capital Management LLC now owns 2,522 shares of the company’s stock valued at $225,000 after acquiring an additional 2,260 shares in the last quarter. Inspire Investing LLC acquired a new position in Spyre Therapeutics in the 3rd quarter worth $405,000. SBI Securities Co. Ltd. boosted its stake in Spyre Therapeutics by 20,420.0% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,026 shares of the company’s stock worth $91,000 after purchasing an additional 1,021 shares during the period. Nisa Investment Advisors LLC increased its holdings in Spyre Therapeutics by 24.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,918 shares of the company’s stock worth $260,000 after purchasing an additional 571 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in Spyre Therapeutics by 3,241.7% during the 3rd quarter. IFP Advisors Inc now owns 802 shares of the company’s stock worth $71,000 after purchasing an additional 778 shares in the last quarter. 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 developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre’s investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.