Mizuho Upgrades Spyre Therapeutics (NASDAQ:SYRE) to “Strong-Buy”

Spyre Therapeutics (NASDAQ:SYRE) was upgraded by Mizuho to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

Several other research firms have also recently issued reports on SYRE. BTIG Research reiterated a “buy” rating and issued a $70.00 price objective on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Citigroup initiated coverage on Spyre Therapeutics in a research note on Wednesday. They issued a “buy” rating and a $64.00 price objective for the company. Finally, Jones Trading raised shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Monday, December 1st. Four research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $53.88.

Spyre Therapeutics Stock Performance

Shares of NASDAQ SYRE opened at $33.47 on Thursday. The firm has a fifty day moving average of $26.36 and a 200 day moving average of $19.82. The firm has a market cap of $2.60 billion, a PE ratio of -15.28 and a beta of 3.14. Spyre Therapeutics has a one year low of $10.91 and a one year high of $35.31.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.53. On average, equities analysts predict that Spyre Therapeutics will post -4.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Spyre Therapeutics news, CEO Cameron Turtle sold 45,000 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $23.33, for a total transaction of $1,049,850.00. Following the transaction, the chief executive officer owned 701,907 shares of the company’s stock, valued at approximately $16,375,490.31. The trade was a 6.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 15.43% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Spyre Therapeutics by 1.8% in the first quarter. Vanguard Group Inc. now owns 2,898,267 shares of the company’s stock valued at $46,764,000 after purchasing an additional 51,794 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Spyre Therapeutics by 0.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 382,636 shares of the company’s stock valued at $6,174,000 after purchasing an additional 2,986 shares during the last quarter. Invesco Ltd. grew its stake in shares of Spyre Therapeutics by 28.2% in the 1st quarter. Invesco Ltd. now owns 25,207 shares of the company’s stock valued at $407,000 after buying an additional 5,544 shares during the period. Nuveen LLC acquired a new stake in shares of Spyre Therapeutics during the 1st quarter worth approximately $2,261,000. Finally, AlphaQuest LLC raised its position in shares of Spyre Therapeutics by 45.2% during the 1st quarter. AlphaQuest LLC now owns 3,191 shares of the company’s stock valued at $51,000 after buying an additional 993 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).