Spyre Therapeutics (NASDAQ:SYRE) Hits New 1-Year High After Analyst Upgrade

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares reached a new 52-week high during trading on Tuesday after Mizuho raised their price target on the stock from $84.00 to $120.00. Mizuho currently has an outperform rating on the stock. Spyre Therapeutics traded as high as $102.46 and last traded at $102.7830, with a volume of 439296 shares. The stock had previously closed at $93.73.

Other equities analysts have also recently issued research reports about the company. Leerink Partners lifted their price objective on Spyre Therapeutics from $49.00 to $106.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Stifel Nicolaus raised their target price on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Thursday, June 4th. Wall Street Zen cut shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Finally, Robert W. Baird increased their price objective on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $101.42.

Insiders Place Their Bets

In other Spyre Therapeutics news, Director Michael Thomas Henderson sold 20,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the transaction, the director directly owned 68,606 shares in the company, valued at $6,860,600. This represents a 22.57% decrease in their ownership of the stock. 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. Also, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $87.69, for a total transaction of $1,315,350.00. Following the sale, the chief executive officer directly owned 582,540 shares in the company, valued at approximately $51,082,932.60. The trade was a 2.51% 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 have sold 282,500 shares of company stock worth $21,741,101 in the last three months. 15.69% of the stock is owned by company insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Summit Securities Group LLC acquired a new stake in Spyre Therapeutics during the 1st quarter worth $28,000. GAMMA Investing LLC grew its holdings in shares of Spyre Therapeutics by 26.8% during the second quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock worth $59,000 after purchasing an additional 140 shares during the last quarter. KBC Group NV purchased a new position in shares of Spyre Therapeutics during the first quarter worth about $69,000. Persistent Asset Partners Ltd acquired a new stake in shares of Spyre Therapeutics during the fourth quarter worth about $74,000. Finally, ABS Direct Equity Fund LLC acquired a new stake in shares of Spyre Therapeutics during the first quarter worth about $141,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Spyre Therapeutics Trading Up 9.6%

The firm has a market capitalization of $9.03 billion, a PE ratio of -49.30 and a beta of 3.02. The company has a fifty day moving average price of $80.90 and a two-hundred day moving average price of $56.52.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). As a group, equities research analysts predict that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current year.

Spyre Therapeutics Company Profile

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.