Spyre Therapeutics, Inc. (NASDAQ:SYRE) Given Consensus Rating of “Buy” by Brokerages

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have received an average rating of “Buy” from the thirteen brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, ten have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $91.3333.

A number of analysts recently issued reports on SYRE shares. Wall Street Zen downgraded shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Thursday, June 4th. Robert W. Baird raised their price objective on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, April 14th. Stifel Nicolaus raised their price objective on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Raymond James Financial started coverage on shares of Spyre Therapeutics in a report on Monday, April 13th. They set a “strong-buy” rating and a $80.00 price objective for the company.

Spyre Therapeutics Stock Performance

NASDAQ SYRE opened at $80.79 on Friday. Spyre Therapeutics has a 52-week low of $13.93 and a 52-week high of $84.43. The company has a 50-day simple moving average of $69.53 and a 200 day simple moving average of $47.77. The company has a market capitalization of $7.02 billion, a PE ratio of -38.84 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.08). As a group, analysts forecast that Spyre Therapeutics will post -2.86 EPS for the current fiscal year.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, insider Sheldon Sloan sold 8,333 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $75.00, for a total transaction of $624,975.00. Following the completion of the transaction, the insider owned 8,333 shares in the company, valued at $624,975. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 597,540 shares of the company’s stock, valued at $42,084,742.20. This represents a 2.45% 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. Over the last three months, insiders have sold 247,124 shares of company stock worth $17,237,760. 15.69% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. RTW Investments LP boosted its position in Spyre Therapeutics by 15.2% during the fourth quarter. RTW Investments LP now owns 4,171,996 shares of the company’s stock worth $136,675,000 after purchasing an additional 550,000 shares during the period. Vanguard Group Inc. boosted its position in Spyre Therapeutics by 32.3% during the fourth quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock worth $132,189,000 after purchasing an additional 984,344 shares during the period. Perceptive Advisors LLC boosted its position 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. Capital International Investors boosted its position in Spyre Therapeutics by 46.0% during the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock worth $114,416,000 after purchasing an additional 1,100,000 shares during the period. Finally, Commodore Capital LP boosted its position in Spyre Therapeutics by 20.1% during the fourth quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock worth $78,239,000 after purchasing an additional 400,161 shares during the period. Institutional investors own 80.39% of the company’s stock.

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.