Spyre Therapeutics (NASDAQ:SYRE) Reaches New 12-Month High Following Analyst Upgrade

Spyre Therapeutics, Inc. (NASDAQ:SYRE) hit a new 52-week high on Tuesday after Deutsche Bank Aktiengesellschaft raised their price target on the stock from $115.00 to $135.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Spyre Therapeutics traded as high as $101.71 and last traded at $100.32, with a volume of 2804591 shares traded. The stock had previously closed at $88.34.

A number of other equities analysts have also recently commented on SYRE. Jefferies Financial Group lifted their target price on Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Leerink Partners raised their price target on Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Stifel Nicolaus lifted their price objective on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. JonesTrading boosted their price objective on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Finally, Robert W. Baird increased their target price on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, April 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $95.83.

Insiders Place Their Bets

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 7,500 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $71.06, for a total value of $532,950.00. Following the transaction, the chief financial officer owned 97,994 shares of the company’s stock, valued at $6,963,453.64. This represents a 7.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 8,333 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $75.00, for a total value of $624,975.00. Following the completion of the transaction, the insider directly owned 8,333 shares in the company, valued at $624,975. This trade represents a 50.00% 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 three months, insiders have sold 267,124 shares of company stock valued at $19,237,760. Corporate insiders own 15.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SYRE. Summit Securities Group LLC purchased a new stake in Spyre Therapeutics in the 1st quarter valued at about $28,000. KBC Group NV bought a new position in Spyre Therapeutics in the 1st quarter worth about $69,000. Russell Investments Group Ltd. increased its position in shares of 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 acquiring an additional 4,092 shares during the period. Persistent Asset Partners Ltd purchased a new position in shares of Spyre Therapeutics during the fourth quarter worth approximately $74,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Spyre Therapeutics by 182.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after acquiring an additional 3,725 shares in the last quarter. Hedge funds and other institutional investors own 80.39% of the company’s stock.

Spyre Therapeutics Price Performance

The stock has a market cap of $7.49 billion, a PE ratio of -41.46 and a beta of 3.05. The business has a fifty day moving average of $75.55 and a 200-day moving average of $51.25.

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). As a group, equities research analysts predict that Spyre Therapeutics, Inc. will post -2.86 EPS for the current year.

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.