Spyre Therapeutics (NASDAQ:SYRE) Sets New 52-Week High – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) hit a new 52-week high on Thursday . The company traded as high as $79.75 and last traded at $78.98, with a volume of 494000 shares. The stock had previously closed at $75.08.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SYRE. Stifel Nicolaus boosted their target price on Spyre Therapeutics from $92.00 to $107.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. JonesTrading upped their price objective on Spyre Therapeutics from $64.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Leerink Partners upped their price objective on Spyre Therapeutics from $49.00 to $106.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Citigroup upped their price objective on Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Wedbush upped their price objective on Spyre Therapeutics from $65.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $91.33.

Spyre Therapeutics Stock Up 5.6%

The stock has a market cap of $6.89 billion, a PE ratio of -38.04 and a beta of 3.05. The firm has a 50-day simple moving average of $68.29 and a 200-day simple moving average of $47.14.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.08). On average, research analysts expect that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current year.

Insider Buying and Selling

In other Spyre Therapeutics news, insider Sheldon Sloan sold 8,333 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $75.00, for a total transaction of $624,975.00. Following the sale, the insider owned 8,333 shares in the company, valued at $624,975. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $70.43, for a total value of $1,056,450.00. Following the sale, the chief executive officer owned 597,540 shares in the company, valued at approximately $42,084,742.20. This represents a 2.45% decrease in their position. 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 247,124 shares of company stock worth $17,237,760. Insiders own 15.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. HighVista Strategies LLC increased its holdings in shares of Spyre Therapeutics by 91.3% in the third quarter. HighVista Strategies LLC now owns 215,746 shares of the company’s stock worth $3,616,000 after purchasing an additional 102,941 shares during the period. Candriam S.C.A. increased its holdings in shares of Spyre Therapeutics by 64.4% in the third quarter. Candriam S.C.A. now owns 404,362 shares of the company’s stock worth $6,777,000 after purchasing an additional 158,332 shares during the period. Baker BROS. Advisors LP increased its holdings in shares of Spyre Therapeutics by 59.6% in the third quarter. Baker BROS. Advisors LP now owns 1,000,000 shares of the company’s stock worth $16,760,000 after purchasing an additional 373,297 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Spyre Therapeutics by 483.7% in the third quarter. JPMorgan Chase & Co. now owns 275,984 shares of the company’s stock worth $4,625,000 after purchasing an additional 228,705 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Spyre Therapeutics by 32.3% in the fourth quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock worth $132,189,000 after purchasing an additional 984,344 shares during the period. Institutional investors own 80.39% of the company’s stock.

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.