Insider Selling: Spyre Therapeutics (NASDAQ:SYRE) Insider Sells $730,891.80 in Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) insider Sheldon Sloan sold 8,334 shares of the company’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total transaction of $730,891.80. Following the sale, the insider directly owned 8,334 shares of the company’s stock, valued at $730,891.80. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sheldon Sloan also recently made the following trade(s):

• On Wednesday, June 3rd, Sheldon Sloan sold 8,333 shares of Spyre Therapeutics stock. The shares were sold at an average price of $75.00, for a total transaction of $624,975.00.
• On Friday, May 1st, Sheldon Sloan sold 78,333 shares of Spyre Therapeutics stock. The shares were sold at an average price of $71.50, for a total transaction of $5,600,809.50.

Spyre Therapeutics Stock Performance

Shares of NASDAQ SYRE traded down $2.26 during trading hours on Thursday, hitting $86.63. 973,914 shares of the stock were exchanged, compared to its average volume of 1,804,648. The company’s fifty day simple moving average is $77.77 and its two-hundred day simple moving average is $53.55. The company has a market cap of $7.62 billion, a PE ratio of -41.65 and a beta of 3.02. Spyre Therapeutics, Inc. has a 1-year low of $14.51 and a 1-year high of $102.06.

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on SYRE. Wedbush reiterated an “outperform” rating and issued a $100.00 target price on shares of Spyre Therapeutics in a research report on Tuesday, June 16th. BTIG Research increased their target price on shares of Spyre Therapeutics from $98.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Jefferies Financial Group raised their price target on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Raymond James Financial initiated coverage on shares of Spyre Therapeutics in a research note on Monday, April 13th. They issued a “strong-buy” rating and a $80.00 price target on the stock. Finally, Leerink Partners increased their price objective on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Two research 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $95.83.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Spyre Therapeutics by 18.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock worth $442,000 after buying an additional 4,277 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Spyre Therapeutics by 13.8% during the second quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock valued at $708,000 after acquiring an additional 5,723 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Spyre Therapeutics by 30.6% during the second quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock valued at $1,095,000 after acquiring an additional 17,145 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Spyre Therapeutics by 61.4% during the second quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock worth $248,000 after purchasing an additional 6,300 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Spyre Therapeutics by 37.6% in the second quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock worth $519,000 after purchasing an additional 9,473 shares during the last quarter. 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.