Spyre Therapeutics (NASDAQ:SYRE) CFO Scott Burrows Sells 17,500 Shares of Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) CFO Scott Burrows sold 17,500 shares of the firm’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $89.89, for a total value of $1,573,075.00. Following the sale, the chief financial officer directly owned 79,762 shares in the company, valued at approximately $7,169,806.18. The trade was a 17.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Spyre Therapeutics Stock Performance

SYRE traded up $3.26 on Friday, hitting $93.19. The company had a trading volume of 1,235,015 shares, compared to its average volume of 1,229,962. The stock has a market capitalization of $8.20 billion, a price-to-earnings ratio of -47.79 and a beta of 3.10. The stock has a fifty day moving average price of $95.71 and a 200-day moving average price of $81.43. Spyre Therapeutics, Inc. has a 12-month low of $15.86 and a 12-month high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.40. Analysts forecast that Spyre Therapeutics, Inc. will post -2.71 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SYRE. JPMorgan Chase & Co. started coverage on shares of Spyre Therapeutics in a research note on Thursday. They issued an “overweight” rating and a $110.00 target price for the company. Deutsche Bank Aktiengesellschaft cut their price target on shares of Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a research note on Wednesday, August 26th. Wolfe Research cut shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a report on Tuesday, July 28th. Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, August 5th. Finally, BTIG Research reissued a “buy” rating and set a $121.00 price objective on shares of Spyre Therapeutics in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $109.71.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Perceptive Advisors LLC raised its position in Spyre Therapeutics by 23.3% during the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after buying an additional 714,000 shares during the last quarter. Capital International Investors increased its stake in shares of Spyre Therapeutics by 46.0% in the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock worth $114,416,000 after acquiring an additional 1,100,000 shares during the period. Commodore Capital LP increased its stake in shares of Spyre Therapeutics by 20.1% in the fourth quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock worth $78,239,000 after acquiring an additional 400,161 shares during the period. Bank of America Corp DE raised its holdings in shares of Spyre Therapeutics by 192.6% during the first quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after purchasing an additional 808,366 shares during the last quarter. Finally, Candriam S.C.A. raised its holdings in shares of Spyre Therapeutics by 43.4% during the first quarter. Candriam S.C.A. now owns 610,282 shares of the company’s stock worth $30,783,000 after purchasing an additional 184,748 shares during the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre’s pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).