Brokerages Set Spyre Therapeutics, Inc. (NASDAQ:SYRE) Price Target at $109.69

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have been assigned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, twelve have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $109.6923.

A number of equities research analysts recently weighed in on SYRE shares. Wedbush reiterated an “outperform” rating and set a $123.00 price objective on shares of Spyre Therapeutics in a report on Wednesday, September 9th. Wall Street Zen downgraded shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, August 16th. 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. BTIG Research reiterated a “buy” rating and issued a $121.00 price target on shares of Spyre Therapeutics in a report on Tuesday, September 8th. Finally, Guggenheim increased their price objective on Spyre Therapeutics from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th.

Spyre Therapeutics Stock Up 2.0%

SYRE stock opened at $92.03 on Tuesday. Spyre Therapeutics has a twelve month low of $14.51 and a twelve month high of $110.18. The firm has a market cap of $8.09 billion, a price-to-earnings ratio of -47.19 and a beta of 2.99. The business’s fifty day simple moving average is $97.74 and its two-hundred day simple moving average is $78.70.

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

Insider Transactions at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $87.29, for a total transaction of $1,309,350.00. Following the transaction, the chief executive officer owned 552,540 shares in the company, valued at approximately $48,231,216.60. This trade represents a 2.64% decrease in their ownership of the stock. 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, CFO Scott L. Burrows sold 18,232 shares of Spyre Therapeutics stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $89.35, for a total value of $1,629,029.20. Following the completion of the sale, the chief financial officer owned 79,762 shares of the company’s stock, valued at $7,126,734.70. The trade was a 18.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 160,465 shares of company stock valued at $14,638,714. Company insiders own 15.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Perceptive Advisors LLC lifted its position in shares of Spyre Therapeutics by 23.3% in the 1st 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. Capital International Investors raised its stake in Spyre Therapeutics by 46.0% in the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock worth $114,416,000 after buying an additional 1,100,000 shares in the last quarter. Commodore Capital LP raised its stake in Spyre Therapeutics by 20.1% in the fourth quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock worth $78,239,000 after buying an additional 400,161 shares in the last quarter. Bank of America Corp DE lifted its holdings in Spyre Therapeutics by 192.6% during the first quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after buying an additional 808,366 shares during the period. Finally, Candriam S.C.A. lifted its holdings in Spyre Therapeutics by 43.4% during the first quarter. Candriam S.C.A. now owns 610,282 shares of the company’s stock worth $30,783,000 after buying an additional 184,748 shares during the period. Hedge funds and other institutional investors 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 antibody therapies for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is designed to address significant treatment needs in chronic immune-mediated conditions through therapies with potentially improved efficacy, durability and dosing convenience.

Spyre’s pipeline includes investigational antibody programs targeting biological pathways associated with IBD, including interleukin-23 (IL-23), TL1A and integrin-mediated immune activity.