Spyre Therapeutics (NASDAQ:SYRE) Sets New 52-Week High – Still a Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares reached a new 52-week high on Thursday . The company traded as high as $79.75 and last traded at $78.98, with a volume of 494000 shares. The stock had previously closed at $75.08.

Wall Street Analyst Weigh In

SYRE has been the subject of a number of research reports. Wells Fargo & Company increased their price target on Spyre Therapeutics from $50.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, April 14th. JonesTrading raised their target price on Spyre Therapeutics from $64.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Stifel Nicolaus lifted their target price on Spyre Therapeutics from $92.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Citigroup upped their price target on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Robert W. Baird lifted their price objective on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $91.33.

Spyre Therapeutics Stock Up 0.0%

The firm’s 50-day moving average price is $69.53 and its two-hundred day moving average price is $47.77. The firm has a market capitalization of $7.02 billion, a PE ratio of -38.84 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.08). Equities research analysts forecast that Spyre Therapeutics, Inc. will post -2.86 EPS for the current year.

Insiders Place Their Bets

In other Spyre Therapeutics news, Director Michael Thomas Henderson sold 80,000 shares of Spyre Therapeutics stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $74.40, for a total transaction of $5,952,000.00. Following the transaction, the director owned 88,606 shares of the company’s stock, valued at $6,592,286.40. The trade was a 47.45% decrease in their position. The transaction 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. Also, CFO Scott L. Burrows sold 12,500 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $71.37, for a total value of $892,125.00. Following the completion of the transaction, the chief financial officer owned 97,994 shares in the company, valued at $6,993,831.78. This represents a 11.31% decrease in their position. 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. Insiders sold a total of 247,124 shares of company stock valued at $17,237,760 over the last ninety days. Corporate insiders own 15.69% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SYRE. Seven Fleet Capital Management LP purchased a new stake in Spyre Therapeutics in the 1st quarter worth approximately $993,000. Perceptive Advisors LLC increased its stake in shares of Spyre Therapeutics by 23.3% in 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 last quarter. Bank of America Corp DE increased its stake in shares of Spyre Therapeutics by 192.6% in the first quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after acquiring an additional 808,366 shares during the last quarter. Stempoint Capital LP raised its holdings in shares of Spyre Therapeutics by 417.7% during the first quarter. Stempoint Capital LP now owns 167,606 shares of the company’s stock worth $8,454,000 after acquiring an additional 135,229 shares in the last quarter. Finally, ADAR1 Capital Management LLC boosted its position in Spyre Therapeutics by 893.6% during the first quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock valued at $17,065,000 after purchasing an additional 304,272 shares during the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Company 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.