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

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $45.79 and last traded at $45.68, with a volume of 666450 shares changing hands. The stock had previously closed at $42.22.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SYRE. Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spyre Therapeutics in a research note on Monday, December 29th. Wells Fargo & Company boosted their price objective on Spyre Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Wall Street Zen lowered Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Finally, Leerink Partners upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $60.67.

Spyre Therapeutics Trading Up 8.2%

The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of -21.96 and a beta of 3.09. The stock’s fifty day simple moving average is $37.72 and its 200-day simple moving average is $29.37.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.04). On average, analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $32.80, for a total transaction of $492,000.00. Following the completion of the transaction, the chief executive officer directly owned 657,540 shares of the company’s stock, valued at $21,567,312. The trade was a 2.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Scott L. Burrows sold 2,500 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $40.65, for a total value of $101,625.00. Following the sale, the chief financial officer owned 97,994 shares in the company, valued at approximately $3,983,456.10. This trade represents a 2.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 47,500 shares of company stock valued at $1,686,675 over the last three months. 6.20% of the stock is currently owned by insiders.

Institutional Trading of Spyre Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its stake in Spyre Therapeutics by 2,881.7% in 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 stake in shares of Spyre Therapeutics in the 4th quarter valued at approximately $74,000. Ameritas Investment Partners Inc. raised its holdings in shares of Spyre Therapeutics by 25.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after purchasing an additional 1,045 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after purchasing an additional 3,725 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Spyre Therapeutics by 61.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock worth $124,000 after purchasing an additional 1,435 shares during the last quarter. Institutional investors and hedge funds 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.