Spyre Therapeutics (NASDAQ:SYRE) Issues Earnings Results, Beats Expectations By $0.58 EPS

Spyre Therapeutics (NASDAQ:SYRE) released its quarterly earnings results on Tuesday. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.73) by $0.58, Zacks reports.

Spyre Therapeutics Price Performance

Spyre Therapeutics stock traded down $0.80 during mid-day trading on Tuesday, reaching $22.98. 696,263 shares of the stock traded hands, compared to its average volume of 684,336. Spyre Therapeutics has a 12-month low of $10.91 and a 12-month high of $40.26. The business’s 50-day moving average is $18.54 and its 200-day moving average is $16.70. The stock has a market capitalization of $1.39 billion, a PE ratio of -6.76 and a beta of 2.90.

Insider Buying and Selling at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 18,428 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.26, for a total value of $299,639.28. Following the transaction, the chief financial officer owned 97,994 shares in the company, valued at $1,593,382.44. This represents a 15.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 15.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors have recently bought and sold shares of SYRE. BNP Paribas Financial Markets raised its stake in shares of Spyre Therapeutics by 300.0% in the second quarter. BNP Paribas Financial Markets now owns 223,320 shares of the company’s stock worth $3,343,000 after buying an additional 167,487 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Spyre Therapeutics by 48.2% during the second quarter. The Manufacturers Life Insurance Company now owns 79,896 shares of the company’s stock valued at $1,196,000 after buying an additional 25,995 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock valued at $1,095,000 after acquiring an additional 17,145 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Spyre Therapeutics by 13.8% in the second quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock valued at $708,000 after purchasing an additional 5,723 shares in the last quarter. Finally, Invesco Ltd. increased its position in Spyre Therapeutics by 37.6% in the second quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock worth $519,000 after purchasing an additional 9,473 shares during the last quarter. 80.39% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on SYRE. Wedbush reissued an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research note on Wednesday, August 6th. BTIG Research reiterated a “buy” rating and set a $70.00 target price on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Wednesday, October 8th. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Spyre Therapeutics in a research note on Friday, September 26th. They issued a “buy” rating and a $43.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $52.50.

About Spyre Therapeutics

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).