Spyre Therapeutics (NASDAQ:SYRE) Given New $121.00 Price Target at BTIG Research

Spyre Therapeutics (NASDAQ:SYRE) had its price target decreased by research analysts at BTIG Research from $132.00 to $121.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s target price would suggest a potential upside of 12.70% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft set a $127.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday. Robert W. Baird set a $120.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Citigroup lifted their price target on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Wedbush boosted their price target on Spyre Therapeutics from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Finally, Stifel Nicolaus boosted their price target on Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $110.23.

Spyre Therapeutics Price Performance

Shares of NASDAQ:SYRE opened at $107.36 on Wednesday. The firm has a market capitalization of $9.44 billion, a PE ratio of -55.06 and a beta of 3.03. The business has a 50 day simple moving average of $98.16 and a two-hundred day simple moving average of $71.79. Spyre Therapeutics has a 1 year low of $14.51 and a 1 year high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.40. Equities research analysts expect that Spyre Therapeutics will post -2.62 EPS for the current fiscal year.

Insider Transactions at Spyre Therapeutics

In other news, Director Jeffrey W. Albers sold 18,000 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the transaction, the director directly owned 9,360 shares of the company’s stock, valued at approximately $978,588. This represents a 65.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $87.13, for a total value of $1,306,950.00. Following the completion of the sale, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at $8,538,217.22. The trade was a 13.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 142,167 shares of company stock worth $12,779,292. 15.69% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Summit Securities Group LLC acquired a new stake in shares of Spyre Therapeutics during the first quarter worth $28,000. GAMMA Investing LLC increased its position in shares of Spyre Therapeutics by 26.8% in the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock valued at $59,000 after acquiring an additional 140 shares during the period. KBC Group NV purchased a new position in Spyre Therapeutics in the 1st quarter worth $69,000. Russell Investments Group Ltd. raised its stake in Spyre Therapeutics by 2,881.7% in the 3rd 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 last quarter. Finally, Persistent Asset Partners Ltd acquired a new stake in Spyre Therapeutics during the 4th quarter worth about $74,000. 80.39% of the stock is owned by hedge funds and other 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.