Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Down on Insider Selling

Spyre Therapeutics, Inc. (NASDAQ:SYRE) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $97.05, but opened at $83.22. Spyre Therapeutics shares last traded at $87.63, with a volume of 1,081,667 shares trading hands.

Specifically, Director Michael Thomas Henderson sold 20,000 shares of Spyre Therapeutics stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the transaction, the director directly owned 68,606 shares in the company, valued at approximately $6,860,600. The trade was a 22.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

Several brokerages have recently weighed in on SYRE. Citigroup increased their target price on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Robert W. Baird boosted their price target on Spyre Therapeutics from $65.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, April 14th. Raymond James Financial assumed coverage on Spyre Therapeutics in a research note on Monday, April 13th. They set a “strong-buy” rating and a $80.00 price objective for the company. Leerink Partners increased their price objective on Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Spyre Therapeutics from $115.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, ten 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 a consensus target price of $95.83.

Spyre Therapeutics Stock Performance

The company has a 50-day simple moving average of $75.09 and a 200-day simple moving average of $50.88. The company has a market cap of $7.57 billion, a price-to-earnings ratio of -41.85 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). As a group, equities research analysts forecast that Spyre Therapeutics, Inc. will post -2.86 EPS for the current year.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of SYRE. Summit Securities Group LLC acquired a new position in shares of Spyre Therapeutics during the 1st quarter worth $28,000. KBC Group NV acquired a new stake in shares of Spyre Therapeutics in the first quarter valued at about $69,000. Russell Investments Group Ltd. boosted its holdings 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 buying an additional 4,092 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in Spyre Therapeutics during the fourth quarter worth about $74,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Spyre Therapeutics by 182.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after buying an additional 3,725 shares in the last quarter. 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.