Spyre Therapeutics (NASDAQ:SYRE) Reaches New 12-Month High – Here’s What Happened

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $77.24 and last traded at $76.0930, with a volume of 87657 shares changing hands. The stock had previously closed at $75.04.

Analyst Ratings Changes

Several brokerages have recently issued reports on SYRE. Raymond James Financial began coverage on Spyre Therapeutics in a research report on Monday, April 13th. They set a “strong-buy” rating and a $80.00 price target on the stock. BTIG Research lifted their price target on Spyre Therapeutics from $70.00 to $98.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Citigroup lifted their price target on Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Stifel Nicolaus lifted their price target on Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen cut Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $90.25.

Spyre Therapeutics Trading Down 1.8%

The firm has a market capitalization of $6.52 billion, a price-to-earnings ratio of -36.08 and a beta of 3.12. The stock has a fifty day moving average of $55.40 and a 200-day moving average of $39.78.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.08). As a group, equities research analysts forecast that Spyre Therapeutics, Inc. will post -2.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Scott L. Burrows sold 12,500 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $71.37, for a total value of $892,125.00. Following the completion of the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at $6,993,831.78. This trade represents a 11.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 78,333 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $71.50, for a total value of $5,600,809.50. Following the completion of the sale, the insider directly owned 78,333 shares of the company’s stock, valued at approximately $5,600,809.50. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 233,791 shares of company stock valued at $15,757,860. Insiders own 15.69% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. HighVista Strategies LLC boosted its position in shares of Spyre Therapeutics by 91.3% in the third quarter. HighVista Strategies LLC now owns 215,746 shares of the company’s stock worth $3,616,000 after buying an additional 102,941 shares during the period. Candriam S.C.A. boosted its position in shares of Spyre Therapeutics by 64.4% in the third quarter. Candriam S.C.A. now owns 404,362 shares of the company’s stock worth $6,777,000 after buying an additional 158,332 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Spyre Therapeutics by 483.7% in the third quarter. JPMorgan Chase & Co. now owns 275,984 shares of the company’s stock worth $4,625,000 after buying an additional 228,705 shares during the period. AlphaQuest LLC boosted its position in shares of Spyre Therapeutics by 1,485.1% in the third quarter. AlphaQuest LLC now owns 66,163 shares of the company’s stock worth $1,109,000 after buying an additional 61,989 shares during the period. Finally, Baker BROS. Advisors LP boosted its position in shares of Spyre Therapeutics by 59.6% in the third quarter. Baker BROS. Advisors LP now owns 1,000,000 shares of the company’s stock worth $16,760,000 after buying an additional 373,297 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

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.