Spyre Therapeutics (NASDAQ:SYRE) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Spyre Therapeutics (NASDAQ:SYRE) released its quarterly earnings results on Thursday. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04), FiscalAI reports.

Spyre Therapeutics Trading Up 3.3%

Shares of NASDAQ:SYRE traded up $1.21 during trading on Thursday, hitting $37.81. 803,801 shares of the stock were exchanged, compared to its average volume of 643,003. The company has a market cap of $2.93 billion, a PE ratio of -17.26 and a beta of 3.15. The company has a fifty day moving average price of $33.14 and a two-hundred day moving average price of $25.01. Spyre Therapeutics has a 12-month low of $10.91 and a 12-month high of $38.16.

Analysts Set New Price Targets

SYRE has been the topic of a number of recent research reports. Wall Street Zen raised shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. JonesTrading raised shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Monday, December 1st. Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Citigroup began coverage on Spyre Therapeutics in a research report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 price target on the stock. Finally, BTIG Research reissued a “buy” rating and issued a $70.00 target price on shares of Spyre Therapeutics in a report on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $53.88.

Insider Buying and Selling

In other news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $32.80, for a total value of $492,000.00. Following the completion of the transaction, the chief executive officer owned 657,540 shares in the company, valued at $21,567,312. This trade represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 45,000 shares of company stock worth $1,387,500 in the last quarter. 15.43% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of large investors have recently added to or reduced their stakes in SYRE. Russell Investments Group Ltd. raised its position in Spyre Therapeutics by 2,881.7% during the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after acquiring an additional 4,092 shares during the last quarter. Persistent Asset Partners Ltd purchased a new position in shares of Spyre Therapeutics during the 4th quarter worth approximately $74,000. Tower Research Capital LLC TRC raised its position in shares of Spyre Therapeutics by 182.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after purchasing an additional 3,725 shares during the last quarter. Man Group plc purchased a new stake in Spyre Therapeutics in the 2nd quarter valued at approximately $162,000. Finally, Martingale Asset Management L P purchased a new stake in Spyre Therapeutics in the 4th quarter valued at approximately $227,000. 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.