Spyre Therapeutics (NASDAQ:SYRE) Shares Up 7.7% – Should You Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price was up 7.7% during mid-day trading on Wednesday . The company traded as high as $34.04 and last traded at $33.9520. Approximately 111,662 shares traded hands during trading, a decline of 82% from the average daily volume of 615,968 shares. The stock had previously closed at $31.53.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Spyre Therapeutics in a research report on Friday, September 26th. They set a “buy” rating and a $43.00 target price on the stock. Jones Trading upgraded Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Monday, December 1st. Citigroup assumed coverage on Spyre Therapeutics in a research note on Wednesday, December 17th. They set a “buy” rating and a $64.00 price target on the stock. Wall Street Zen raised Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, BTIG Research reiterated a “buy” rating and issued a $70.00 target price on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $53.88.

Spyre Therapeutics Trading Up 5.6%

The firm has a market capitalization of $2.58 billion, a P/E ratio of -15.21 and a beta of 3.17. The stock’s 50-day simple moving average is $29.72 and its 200-day simple moving average is $21.87.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Tuesday, November 4th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.53. On average, equities research analysts expect that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

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 Friday, January 2nd. The shares were sold at an average price of $30.68, for a total value of $460,200.00. Following the sale, the chief executive officer owned 671,907 shares of the company’s stock, valued at approximately $20,614,106.76. The trade was a 2.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 75,000 shares of company stock worth $1,945,350 in the last three months. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors have recently bought and sold shares of the company. CWM LLC raised its stake in shares of Spyre Therapeutics by 357.8% in the second 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 period. AlphaQuest LLC increased its holdings in Spyre Therapeutics by 30.8% in the 2nd quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock worth $62,000 after acquiring an additional 983 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after acquiring an additional 4,092 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in Spyre Therapeutics by 25.8% during the second 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 during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position 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 purchasing an additional 3,725 shares during the period. Hedge funds and other institutional investors 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.