Spyre Therapeutics (NASDAQ:SYRE) Sets New 52-Week High – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE) hit a new 52-week high on Thursday . The company traded as high as $38.16 and last traded at $37.98, with a volume of 564792 shares changing hands. The stock had previously closed at $36.60.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, December 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. Wall Street Zen raised shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. BTIG Research reiterated a “buy” rating and set a $70.00 price objective on shares of Spyre Therapeutics in a research note on Friday, January 16th. Finally, JonesTrading raised shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Monday, December 1st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $53.88.

Spyre Therapeutics Trading Up 3.2%

The company’s 50-day moving average is $33.14 and its 200 day moving average is $25.01. The stock has a market capitalization of $2.93 billion, a PE ratio of -17.32 and a beta of 3.15.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction dated 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 sale, the chief executive officer owned 657,540 shares of the company’s stock, valued at approximately $21,567,312. The trade was a 2.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 45,000 shares of company stock valued at $1,387,500. Company insiders own 15.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC raised its stake in shares of Spyre Therapeutics by 357.8% during the 2nd quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after buying an additional 1,338 shares during the last quarter. AlphaQuest LLC lifted its holdings in Spyre Therapeutics by 30.8% in the second quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock valued at $62,000 after acquiring an additional 983 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Spyre Therapeutics by 2,881.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after purchasing an additional 4,092 shares during the period. Persistent Asset Partners Ltd acquired a new stake in shares of Spyre Therapeutics during the 4th quarter worth approximately $74,000. Finally, Ameritas Investment Partners Inc. increased its holdings in shares of Spyre Therapeutics by 25.8% during 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. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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.