Spyre Therapeutics, Inc. $SYRE Stock: Pictet Asset Management Holding SA Lowers Holdings

Pictet Asset Management Holding SA lessened its holdings in Spyre Therapeutics, Inc. (NASDAQ:SYRE) by 23.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 479,135 shares of the company’s stock after selling 149,003 shares during the quarter. Pictet Asset Management Holding SA owned 0.47% of Spyre Therapeutics worth $42,657,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. AlphaCentric Advisors LLC boosted its stake in Spyre Therapeutics by 4.3% in the third quarter. AlphaCentric Advisors LLC now owns 6,956 shares of the company’s stock valued at $619,000 after buying an additional 286 shares in the last quarter. Parallel Advisors LLC grew its position in Spyre Therapeutics by 116.7% in the third quarter. Parallel Advisors LLC now owns 1,560 shares of the company’s stock valued at $139,000 after acquiring an additional 840 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Spyre Therapeutics during the third quarter worth about $401,000. Profund Advisors LLC raised its stake in Spyre Therapeutics by 36.0% during the third quarter. Profund Advisors LLC now owns 26,406 shares of the company’s stock worth $2,351,000 after acquiring an additional 6,987 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in Spyre Therapeutics by 16.0% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 13,050 shares of the company’s stock worth $1,162,000 after acquiring an additional 1,800 shares in the last quarter. Institutional investors own 80.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. began coverage on shares of Spyre Therapeutics in a report on Thursday, October 1st. They issued an “overweight” rating and a $110.00 target price for the company. Robert W. Baird set a $120.00 price target on shares of Spyre Therapeutics in a report on Wednesday, August 5th. BTIG Research reiterated a “buy” rating and set a $121.00 price objective on shares of Spyre Therapeutics in a research report on Monday, October 19th. Wells Fargo & Company upped their price objective on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Finally, UBS Group started coverage on shares of Spyre Therapeutics in a research note on Sunday, October 11th. They issued a “buy” rating and a $120.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Spyre Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.53.

Spyre Therapeutics Stock Down 4.1%

Shares of SYRE stock opened at $104.48 on Wednesday. The firm has a market capitalization of $9.92 billion, a P/E ratio of -38.13 and a beta of 3.24. Spyre Therapeutics, Inc. has a twelve month low of $21.63 and a twelve month high of $110.64. The stock’s fifty day simple moving average is $90.46 and its 200 day simple moving average is $75.23.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Tuesday, November 3rd. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.12). As a group, equities research analysts expect that Spyre Therapeutics, Inc. will post -2.78 EPS for the current fiscal year.

Insider Activity

In related news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $92.01, for a total value of $1,380,150.00. Following the completion of the transaction, the chief executive officer owned 537,540 shares in the company, valued at $49,459,055.40. This trade represents a 2.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heidy King-Jones sold 28,933 shares of the firm’s stock in a transaction that occurred on 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 approximately $258,980.35. This trade represents a 91.05% 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. Insiders sold 138,064 shares of company stock valued at $12,349,518 over the last quarter. 15.69% of the stock is owned by company insiders.

About Spyre Therapeutics

Spyre Therapeutics is a clinical-stage biotechnology company developing antibody-based medicines for inflammatory bowel disease, including ulcerative colitis and Crohn’s disease. Its research focuses on therapies designed to target immune pathways involved in these conditions. The company’s pipeline includes investigational antibodies targeting TL1A, IL-23 and integrin α4β7, as well as potential combinations of these approaches. Spyre has no approved products, and its candidates remain in development.