Spyre Therapeutics (NASDAQ:SYRE) Shares Up 6.3% – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares shot up 6.3% during mid-day trading on Wednesday . The stock traded as high as $76.11 and last traded at $73.50. 176,576 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 930,107 shares. The stock had previously closed at $69.16.

Analyst Ratings Changes

Several research analysts have recently weighed in on SYRE shares. BTIG Research upped their price objective on Spyre Therapeutics from $70.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Wedbush lifted their target price on Spyre Therapeutics from $65.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Wall Street Zen cut Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $102.00 price target on shares of Spyre Therapeutics in a research report on Tuesday, May 12th. Finally, JonesTrading lifted their price objective on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the company a “buy” rating in a report on Friday, April 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $90.25.

Spyre Therapeutics Price Performance

The firm has a 50-day moving average of $64.16 and a 200 day moving average of $44.65. The stock has a market capitalization of $6.39 billion, a price-to-earnings ratio of -35.40 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). On average, equities analysts forecast that Spyre Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Insider Activity

In other news, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $71.37, for a total transaction of $1,070,550.00. Following the transaction, the chief executive officer directly owned 612,540 shares in the company, valued at $43,716,979.80. The trade was a 2.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 12,500 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $71.37, for a total transaction of $892,125.00. Following the completion of the sale, the chief financial officer directly owned 97,994 shares in the company, valued at approximately $6,993,831.78. The trade was a 11.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 216,291 shares of company stock worth $15,023,385. Insiders own 15.69% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC acquired a new position in shares of Spyre Therapeutics during the 1st quarter worth approximately $28,000. KBC Group NV acquired a new stake in Spyre Therapeutics during the 1st quarter valued at $69,000. Persistent Asset Partners Ltd bought a new position in Spyre Therapeutics during the fourth quarter worth $74,000. ABS Direct Equity Fund LLC bought a new position in Spyre Therapeutics during the first quarter worth $141,000. Finally, Royal Bank of Canada increased its holdings in shares of Spyre Therapeutics by 63.5% in the first quarter. Royal Bank of Canada now owns 3,250 shares of the company’s stock valued at $164,000 after purchasing an additional 1,262 shares during the last quarter. 80.39% of the stock is owned by institutional investors and hedge funds.

About Spyre Therapeutics

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.