Spyre Therapeutics (NASDAQ:SYRE) Trading Up 8.5% – Should You Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price rose 8.5% on Friday . The stock traded as high as $37.69 and last traded at $37.8160. Approximately 277,736 shares traded hands during trading, a decline of 53% from the average daily volume of 596,390 shares. The stock had previously closed at $34.84.

Analyst Ratings Changes

Several brokerages recently weighed in on SYRE. Mizuho upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, December 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Wall Street Zen raised shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. BTIG Research reaffirmed a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a research report on Friday, January 16th. Finally, Citigroup started coverage on Spyre Therapeutics in a report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Spyre Therapeutics has an average rating of “Buy” and an average price target of $53.88.

Spyre Therapeutics Trading Up 6.0%

The company has a market cap of $2.87 billion, a price-to-earnings ratio of -16.91 and a beta of 3.15. The business has a fifty day moving average of $32.95 and a two-hundred day moving average of $24.41.

Insider Transactions 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 shares were sold at an average price of $32.80, for a total value 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 45,000 shares of company stock valued at $1,387,500. 15.43% of the stock is currently owned by company insiders.

Institutional Trading of Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SYRE. CWM LLC lifted its position 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 acquiring an additional 1,338 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Spyre Therapeutics by 61.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock worth $124,000 after buying an additional 1,435 shares in the last quarter. AlphaQuest LLC raised its position in shares of 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 buying an additional 983 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of 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 buying an additional 4,092 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its position in Spyre Therapeutics by 25.8% during the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock worth $76,000 after acquiring an additional 1,045 shares during the last quarter. 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.