Spyre Therapeutics (NASDAQ:SYRE) Stock Price Target Raised at Guggenheim

Spyre Therapeutics (NASDAQ:SYRE) had its price target boosted by equities research analysts at Guggenheim from $130.00 to $135.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim‘s target price points to a potential upside of 44.47% from the company’s previous close.

Several other research firms have also recently issued reports on SYRE. Wall Street Zen cut shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Tuesday, September 1st. Wolfe Research lowered shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 28th. Mizuho raised their target price on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Finally, Wedbush lowered their target price on shares of Spyre Therapeutics from $123.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $110.53.

Spyre Therapeutics Price Performance

Spyre Therapeutics stock traded down $5.83 during mid-day trading on Wednesday, hitting $93.44. 236,207 shares of the company were exchanged, compared to its average volume of 1,121,019. The business’s 50 day simple moving average is $89.69 and its two-hundred day simple moving average is $73.50. The company has a market capitalization of $9.52 billion, a P/E ratio of -48.32 and a beta of 3.24. Spyre Therapeutics has a 12-month low of $21.15 and a 12-month high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.79) by ($0.15). Equities research analysts predict that Spyre Therapeutics will post -2.71 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Heidy King-Jones sold 28,933 shares of the company’s stock in a transaction dated 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 owned 2,845 shares of the company’s stock, valued at $258,980.35. This represents a 91.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott Burrows sold 7,500 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $91.83, for a total transaction of $688,725.00. Following the transaction, the chief financial officer owned 79,762 shares in the company, valued at approximately $7,324,544.46. The trade was a 8.59% 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. Insiders have sold 161,064 shares of company stock worth $14,753,768 over the last 90 days. Corporate insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of SYRE. Perceptive Advisors LLC raised its stake in 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 purchasing an additional 714,000 shares during the period. Bank of America Corp DE boosted its holdings in shares of Spyre Therapeutics by 192.6% in the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock valued at $61,945,000 after purchasing an additional 808,366 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Spyre Therapeutics in the 3rd quarter valued at $53,349,000. Candriam S.C.A. grew its stake in shares of Spyre Therapeutics by 43.4% during the 1st quarter. Candriam S.C.A. now owns 610,282 shares of the company’s stock valued at $30,783,000 after buying an additional 184,748 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Spyre Therapeutics during the 2nd quarter valued at $21,768,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

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.