Spyre Therapeutics (NASDAQ:SYRE) Stock Bumped Up to Strong-Buy by UBS Group

UBS Group upgraded shares of Spyre Therapeutics (NASDAQ:SYRE) to a strong-buy rating in a research report released on Sunday,Zacks reports.

Several other equities research analysts have also recently commented on SYRE. Wedbush restated an “outperform” rating and issued a $123.00 target price on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. Guggenheim raised their price target on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. BTIG Research reiterated a “buy” rating and issued a $121.00 price objective on shares of Spyre Therapeutics in a report on Thursday, October 1st. Mizuho boosted their price objective on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Finally, Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $110.40.

Spyre Therapeutics Trading Down 6.3%

NASDAQ:SYRE opened at $80.45 on Friday. Spyre Therapeutics has a 1-year low of $18.71 and a 1-year high of $110.18. The firm has a market capitalization of $8.20 billion, a price-to-earnings ratio of -41.26 and a beta of 3.10. The business’s 50-day moving average price is $93.47 and its two-hundred day moving average price is $83.70.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.40. Sell-side analysts predict that Spyre Therapeutics will post -2.71 earnings per share for the current year.

Insider Transactions at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $92.01, for a total value of $1,380,150.00. Following the completion of the sale, the chief executive officer directly owned 537,540 shares in the company, valued at $49,459,055.40. The trade was a 2.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey Albers sold 18,000 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the completion of the transaction, the director owned 9,360 shares in the company, valued at $978,588. This trade represents a 65.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 183,564 shares of company stock worth $16,903,193. Insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in shares of Spyre Therapeutics by 24.4% during the third quarter. GAMMA Investing LLC now owns 825 shares of the company’s stock worth $73,000 after purchasing an additional 162 shares during the last quarter. Engineers Gate Manager LP acquired a new position in shares of Spyre Therapeutics in the second quarter valued at approximately $3,416,000. Integrated Wealth Concepts LLC bought a new position in Spyre Therapeutics in the 2nd quarter valued at approximately $31,000. Maven Securities LTD bought a new position in Spyre Therapeutics in the 2nd quarter valued at approximately $3,551,000. Finally, Squarepoint Ops LLC acquired a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $12,394,000. Institutional investors own 80.39% of the company’s stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre’s pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).