Spyre Therapeutics (NASDAQ:SYRE) Stock Rating Cut to “Sell” at Wall Street Zen

Spyre Therapeutics (NASDAQ:SYRE) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other analysts have also recently issued reports about the stock. Wolfe Research cut shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 28th. Wells Fargo & Company boosted their price objective on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Mizuho upped their price objective on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft decreased their price objective on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a research report on Wednesday, August 26th. Finally, Robert W. Baird set a $120.00 target price on Spyre Therapeutics in a research note on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $110.40.

Spyre Therapeutics Price Performance

Shares of SYRE opened at $96.56 on Friday. The company has a market capitalization of $9.84 billion, a P/E ratio of -49.52 and a beta of 3.10. Spyre Therapeutics has a one year low of $21.15 and a one year high of $110.18. The business’s 50 day simple moving average is $90.06 and its 200-day simple moving average is $72.85.

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

Insiders Place Their Bets

In other Spyre Therapeutics news, Director Jeffrey Albers sold 18,000 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $104.55, for a total value of $1,881,900.00. Following the completion of the transaction, the director directly owned 9,360 shares of the company’s stock, valued at approximately $978,588. The trade was a 65.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $92.01, for a total value of $1,380,150.00. Following the completion of the transaction, the chief executive officer directly owned 537,540 shares of the company’s stock, valued at approximately $49,459,055.40. The trade was a 2.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 183,564 shares of company stock valued at $16,903,193. Insiders own 15.69% of the company’s stock.

Institutional Trading of Spyre Therapeutics

A number of large investors have recently bought and sold shares of SYRE. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Spyre Therapeutics in the second quarter valued at approximately $999,000. Squarepoint Ops LLC bought a new stake in shares of Spyre Therapeutics during the second quarter worth $12,394,000. Maven Securities LTD acquired a new stake in shares of Spyre Therapeutics during the second quarter worth $3,551,000. Perceptive Advisors LLC raised its holdings in shares of Spyre Therapeutics by 23.3% during the first quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after acquiring an additional 714,000 shares during the period. Finally, Handelsbanken Fonder AB bought a new stake in Spyre Therapeutics in the 2nd quarter valued at $2,308,000. 80.39% of the stock is owned by institutional investors.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on 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.