Spyre Therapeutics (NASDAQ:SYRE) Reaches New 12-Month High – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $45.79 and last traded at $45.68, with a volume of 666450 shares. The stock had previously closed at $42.22.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Mizuho upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, December 18th. Leerink Partners upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, February 19th. JonesTrading raised Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Monday, December 1st. Citigroup initiated coverage on Spyre Therapeutics in a research note on Wednesday, December 17th. They set a “buy” rating and a $64.00 price objective for the company. Finally, Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $60.67.

Spyre Therapeutics Price Performance

The company has a market cap of $3.72 billion, a PE ratio of -22.75 and a beta of 3.09. The stock has a fifty day moving average price of $38.26 and a 200-day moving average price of $29.61.

Spyre Therapeutics (NASDAQ:SYRE) last released its earnings results on Thursday, February 26th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04). On average, equities analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 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 that occurred on Monday, February 2nd. The stock was 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 filing with the SEC, which can be accessed through this link. Also, CFO Scott L. Burrows sold 2,500 shares of Spyre Therapeutics stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $40.65, for a total transaction of $101,625.00. Following the completion of the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at $3,983,456.10. This trade represents a 2.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 47,500 shares of company stock worth $1,686,675 in the last 90 days. Corporate insiders own 15.43% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of SYRE. Russell Investments Group Ltd. increased its position 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 during the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Spyre Therapeutics during the 4th quarter valued at about $74,000. Ameritas Investment Partners Inc. raised its stake in shares of Spyre Therapeutics by 25.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after acquiring an additional 1,045 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Spyre Therapeutics by 182.2% in the 2nd 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 last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in 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 purchasing an additional 1,435 shares during the period. 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.