Spyre Therapeutics (NASDAQ:SYRE) Trading 5.7% Higher – Should You Buy?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) traded up 5.7% on Friday . The stock traded as high as $99.41 and last traded at $99.45. 213,529 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 1,104,824 shares. The stock had previously closed at $94.12.

Wall Street Analyst Weigh In

SYRE has been the topic of several analyst reports. Mizuho lifted their price target on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday. Jefferies Financial Group raised their target price on Spyre Therapeutics from $47.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, April 13th. BTIG Research lifted their target price on Spyre Therapeutics from $98.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Wall Street Zen cut Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Finally, Citigroup increased their price target on Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Spyre Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $101.42.

Spyre Therapeutics Trading Up 6.3%

The stock has a market capitalization of $8.80 billion, a P/E ratio of -48.16 and a beta of 3.02. The stock’s 50 day simple moving average is $82.46 and its 200 day simple moving average is $57.90.

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

Insider Transactions at Spyre Therapeutics

In related news, CFO Scott L. Burrows sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $87.13, for a total transaction of $1,306,950.00. Following the sale, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at approximately $8,538,217.22. This represents a 13.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction on Monday, June 1st. The stock was sold at an average price of $70.43, for a total transaction of $1,056,450.00. Following the completion of the transaction, the chief executive officer directly owned 597,540 shares of the company’s stock, 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. Insiders have sold a total of 282,500 shares of company stock worth $21,741,101 in the last quarter. Insiders own 15.69% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SYRE. Capital International Investors boosted its stake in Spyre Therapeutics by 46.0% in the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock valued at $114,416,000 after acquiring an additional 1,100,000 shares during the period. JPMorgan Chase & Co. lifted its stake in Spyre Therapeutics by 483.7% in the third quarter. JPMorgan Chase & Co. now owns 275,984 shares of the company’s stock valued at $4,625,000 after buying an additional 228,705 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Spyre Therapeutics by 32.3% during the fourth quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock worth $132,189,000 after acquiring an additional 984,344 shares during the last quarter. UBS Group AG increased its holdings in shares of Spyre Therapeutics by 76.5% in the 4th quarter. UBS Group AG now owns 680,566 shares of the company’s stock worth $22,295,000 after acquiring an additional 294,977 shares during the period. Finally, Seven Grand Managers LLC acquired a new position in Spyre Therapeutics during the 4th quarter valued at about $3,276,000. 80.39% of the stock is currently owned by institutional investors.

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.