Insider Selling: Spyre Therapeutics (NASDAQ:SYRE) CEO Sells $739,950.00 in Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) CEO Cameron Turtle sold 15,000 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $49.33, for a total value of $739,950.00. Following the completion of the transaction, the chief executive officer owned 627,540 shares of the company’s stock, valued at $30,956,548.20. This represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cameron Turtle also recently made the following trade(s):

• On Monday, March 2nd, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The shares were sold at an average price of $42.19, for a total value of $632,850.00.
• On Monday, February 2nd, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The shares were sold at an average price of $32.80, for a total value of $492,000.00.

Spyre Therapeutics Trading Up 1.5%

Spyre Therapeutics stock opened at $51.98 on Thursday. The company has a market capitalization of $4.08 billion, a PE ratio of -24.99 and a beta of 2.93. Spyre Therapeutics, Inc. has a 12 month low of $10.91 and a 12 month high of $54.39. The stock has a 50-day moving average price of $41.07 and a two-hundred day moving average price of $31.80.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04). As a group, analysts predict that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Citigroup assumed coverage on shares of Spyre Therapeutics in a research report on Wednesday, December 17th. They set a “buy” rating and a $64.00 target price for the company. Wells Fargo & Company increased their target price on shares of Spyre Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Leerink Partners raised shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, February 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. Finally, BTIG Research reissued a “buy” rating and set a $70.00 target price on shares of Spyre Therapeutics in a research report on Tuesday, March 31st. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $62.63.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds have recently added to or reduced their stakes in SYRE. Russell Investments Group Ltd. increased its holdings in Spyre Therapeutics by 2,881.7% in the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after purchasing an additional 4,092 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in Spyre Therapeutics in the fourth quarter worth approximately $74,000. Tower Research Capital LLC TRC increased its holdings in Spyre Therapeutics by 182.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after purchasing an additional 3,725 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Spyre Therapeutics by 61.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock worth $124,000 after purchasing an additional 1,435 shares in the last quarter. Finally, Man Group plc bought a new stake in shares of Spyre Therapeutics during the second quarter valued at approximately $162,000. 80.39% of the stock is currently owned by institutional investors.

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.