Spyre Therapeutics (NASDAQ:SYRE) Price Target Raised to $130.00 at Wedbush

Spyre Therapeutics (NASDAQ:SYRE) had its price objective increased by analysts at Wedbush from $100.00 to $130.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s target price would suggest a potential upside of 25.18% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Wells Fargo & Company set a $115.00 price target on shares of Spyre Therapeutics and gave the stock an “overweight” rating in a research report on Wednesday. Guggenheim raised their price target on Spyre Therapeutics from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Wall Street Zen cut Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Finally, Stifel Nicolaus upped their price target on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.85.

Spyre Therapeutics Stock Performance

NASDAQ:SYRE opened at $103.85 on Wednesday. The company has a market capitalization of $9.13 billion, a price-to-earnings ratio of -49.93 and a beta of 3.03. Spyre Therapeutics has a 52 week low of $14.51 and a 52 week high of $108.14. The company has a 50-day moving average of $89.28 and a 200-day moving average of $64.16.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.40. Sell-side analysts forecast that Spyre Therapeutics will post -2.86 EPS for the current year.

Insider Activity at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction on Monday, June 1st. The stock was sold at an average price of $70.43, for a total transaction of $1,056,450.00. Following the completion of the sale, the chief executive officer owned 597,540 shares of the company’s stock, valued at approximately $42,084,742.20. This trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 8,334 shares of Spyre Therapeutics stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total transaction of $730,891.80. Following the completion of the sale, the insider owned 8,334 shares of the company’s stock, valued at $730,891.80. This trade represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 176,667 shares of company stock valued at $14,177,617 in the last 90 days. Insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYRE. Summit Securities Group LLC acquired a new position in Spyre Therapeutics in the first quarter valued at about $28,000. GAMMA Investing LLC increased its stake in shares of 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 purchasing an additional 140 shares during the last quarter. KBC Group NV bought a new position in Spyre Therapeutics in the first quarter valued at about $69,000. Persistent Asset Partners Ltd bought a new stake in shares of Spyre Therapeutics during the 4th quarter valued at approximately $74,000. Finally, ABS Direct Equity Fund LLC bought a new stake in shares of Spyre Therapeutics during the first quarter worth $141,000. 80.39% of the stock is owned by institutional investors and hedge funds.

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.