Spyre Therapeutics (NASDAQ:SYRE) Given Buy Rating at BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reissued by analysts at BTIG Research in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $121.00 price target on the stock. BTIG Research’s target price indicates a potential upside of 31.75% from the company’s previous close.

Several other research analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft reduced their target price on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating for the company in a research note on Wednesday, August 26th. Wall Street Zen cut shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, August 16th. Wedbush decreased their price objective on shares of Spyre Therapeutics from $130.00 to $123.00 and set an “outperform” rating on the stock in a report on Wednesday, August 26th. Robert W. Baird set a $120.00 target price on shares of Spyre Therapeutics in a research note on Wednesday, August 5th. Finally, Mizuho lifted their target price on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $109.69.

Spyre Therapeutics Stock Up 3.2%

Shares of SYRE stock traded up $2.86 on Tuesday, reaching $91.84. The stock had a trading volume of 453,974 shares, compared to its average volume of 1,080,983. Spyre Therapeutics has a 12 month low of $14.51 and a 12 month high of $110.18. The firm has a market capitalization of $8.08 billion, a price-to-earnings ratio of -46.85 and a beta of 2.99. The firm’s 50-day moving average is $98.03 and its two-hundred day moving average is $75.27.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.40. On average, sell-side analysts forecast that Spyre Therapeutics will post -2.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In other Spyre Therapeutics news, CFO Scott Burrows sold 18,232 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the transaction, the chief financial officer owned 79,762 shares in the company, valued at $7,126,734.70. This represents a 18.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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. Also, Director Jeffrey Albers sold 18,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the transaction, the director directly owned 9,360 shares in the company, valued at $978,588. This represents a 65.79% 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. Over the last 90 days, insiders sold 180,465 shares of company stock worth $16,638,714. 15.69% of the stock is currently owned by company insiders.

Institutional Trading of Spyre Therapeutics

Large investors have recently modified their holdings of the stock. California State Teachers Retirement System raised its stake in Spyre Therapeutics by 9,594.0% in the second quarter. California State Teachers Retirement System now owns 5,742,912 shares of the company’s stock valued at $509,856,000 after purchasing an additional 5,683,670 shares in the last quarter. RTW Investments LP increased its holdings in Spyre Therapeutics by 15.2% in the 4th quarter. RTW Investments LP now owns 4,171,996 shares of the company’s stock valued at $136,675,000 after buying an additional 550,000 shares during the period. Vanguard Group Inc. increased its holdings in Spyre Therapeutics by 32.3% in the 4th quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock valued at $132,189,000 after buying an additional 984,344 shares during the period. Perceptive Advisors LLC raised 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 valued at $190,826,000 after buying an additional 714,000 shares in the last quarter. Finally, Capital International Investors raised its position in shares of Spyre Therapeutics by 46.0% in the 4th quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock valued at $114,416,000 after buying an additional 1,100,000 shares in the last quarter. 80.39% of the stock is owned by institutional investors and hedge funds.

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.