Spyre Therapeutics (NASDAQ:SYRE) Stock Jumps 7.3% – Should You Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price was up 7.3% during trading on Friday. The company traded as high as $85.45 and last traded at $85.7420. 436,268 shares changed hands during trading, a decline of 62% from the average daily volume of 1,133,173 shares. The stock had previously closed at $79.90.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd. Guggenheim increased their price target on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Tuesday, September 1st. Wells Fargo & Company lifted their price objective on Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Finally, Mizuho boosted their target price on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $109.71.

Spyre Therapeutics Trading Up 7.7%

The stock’s 50 day moving average price is $94.40 and its two-hundred day moving average price is $82.84. The firm has a market capitalization of $7.56 billion, a price-to-earnings ratio of -44.12 and a beta of 3.10.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.40. On average, sell-side analysts forecast that Spyre Therapeutics, Inc. will post -2.71 earnings per share for the current fiscal year.

Insider Activity at Spyre Therapeutics

In related news, CFO Scott L. Burrows sold 7,500 shares of Spyre Therapeutics stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.83, for a total transaction of $688,725.00. Following the completion of the transaction, the chief financial officer directly owned 79,762 shares of the company’s stock, valued at approximately $7,324,544.46. The trade was a 8.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey W. Albers sold 18,000 shares of the business’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $104.55, for a total value of $1,881,900.00. Following the sale, the director owned 9,360 shares in the company, valued at approximately $978,588. The trade was a 65.79% decrease in their ownership of the stock. 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 183,564 shares of company stock valued at $16,903,193 in the last 90 days. Insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds have recently added to or reduced their stakes in SYRE. GAMMA Investing LLC boosted its holdings 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 purchasing an additional 140 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Spyre Therapeutics in the second quarter valued at $31,000. Summit Securities Group LLC purchased a new stake in Spyre Therapeutics during the first quarter valued at about $28,000. Royal Bank of Canada increased its stake in Spyre Therapeutics by 63.5% during the first quarter. Royal Bank of Canada now owns 3,250 shares of the company’s stock worth $164,000 after acquiring an additional 1,262 shares during the last quarter. Finally, KBC Group NV purchased a new position in shares of Spyre Therapeutics in the 1st quarter worth about $69,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

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).