Spyre Therapeutics (NASDAQ:SYRE) Releases Quarterly Earnings Results, Beats Estimates By $0.40 EPS

Spyre Therapeutics (NASDAQ:SYRE) posted its quarterly earnings results on Tuesday. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.40, FiscalAI reports.

Spyre Therapeutics Stock Up 10.5%

SYRE stock traded up $10.01 during midday trading on Tuesday, reaching $104.94. 829,899 shares of the company’s stock traded hands, compared to its average volume of 1,089,766. Spyre Therapeutics has a 52-week low of $14.51 and a 52-week high of $105.25. The stock’s 50-day moving average is $88.65 and its 200 day moving average is $63.65.

Analysts Set New Price Targets

SYRE has been the subject of several analyst reports. Stifel Nicolaus raised their price target on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Mizuho upped their target price on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Wall Street Zen lowered shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Jefferies Financial Group increased their price objective on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Spyre Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $101.42.

Insider Buying and Selling

In related news, CEO Cameron Turtle sold 15,000 shares of the business’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 completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 8,334 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total transaction of $730,891.80. Following the sale, the insider owned 8,334 shares in the company, valued at approximately $730,891.80. The trade was 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 176,667 shares of company stock valued at $14,177,617. Company insiders own 15.69% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SYRE. Virtus Investment Advisers LLC lifted its stake in Spyre Therapeutics by 23.2% in the 4th quarter. Virtus Investment Advisers LLC now owns 7,913 shares of the company’s stock worth $259,000 after purchasing an additional 1,488 shares in the last quarter. Tudor Investment Corp ET AL bought a new stake in shares of Spyre Therapeutics in the fourth quarter worth about $332,000. Carlyle Group Inc. purchased a new stake in shares of Spyre Therapeutics in the fourth quarter worth about $315,000. State Board of Administration of Florida Retirement System purchased a new position in Spyre Therapeutics during the 4th quarter valued at approximately $296,000. Finally, Dark Forest Capital Management LP purchased a new stake in shares of Spyre Therapeutics during the 3rd quarter worth approximately $247,000. Institutional investors own 80.39% of the company’s stock.

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.