Spyre Therapeutics (NASDAQ:SYRE) Stock Gets Price Target Trim from Wedbush

Spyre Therapeutics (NASDAQ:SYRE) had its price target reduced by Wedbush from $123.00 to $120.00 in a report published on Wednesday,Benzinga reports. Wedbush currently has an outperform rating on the stock.

Several other brokerages have also commented on SYRE. BTIG Research restated a “buy” rating and set a $121.00 price target on shares of Spyre Therapeutics in a research note on Monday, October 19th. Guggenheim lifted their price objective on Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. started coverage on Spyre Therapeutics in a report on Thursday, October 1st. They set an “overweight” rating and a $110.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. Finally, Mizuho increased their target price on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $110.53.

Spyre Therapeutics Stock Up 7.5%

Shares of NASDAQ SYRE traded up $7.27 during trading on Wednesday, hitting $103.86. 1,630,364 shares of the company traded hands, compared to its average volume of 1,325,156. Spyre Therapeutics has a 1 year low of $21.15 and a 1 year high of $110.18. The company has a 50-day moving average price of $89.79 and a 200-day moving average price of $74.50. The firm has a market capitalization of $10.58 billion, a P/E ratio of -37.90 and a beta of 3.24.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Tuesday, November 3rd. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.12). Research analysts predict that Spyre Therapeutics will post -2.77 EPS for the current fiscal year.

Insider Transactions at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $92.01, for a total value of $1,380,150.00. Following the completion of the sale, the chief executive officer owned 537,540 shares of the company’s stock, valued at $49,459,055.40. This represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott Burrows sold 7,500 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $91.83, for a total value of $688,725.00. Following the completion of the sale, the chief financial officer owned 79,762 shares of the company’s stock, valued at approximately $7,324,544.46. This trade represents a 8.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 138,064 shares of company stock valued at $12,349,518 over the last quarter. Company insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Perceptive Advisors LLC raised its stake in shares of Spyre Therapeutics by 23.3% during the first quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock valued at $190,826,000 after purchasing an additional 714,000 shares during the period. Bank of America Corp DE lifted its position 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 in the last quarter. Candriam S.C.A. boosted its stake in shares of Spyre Therapeutics by 43.4% in the first quarter. Candriam S.C.A. now owns 610,282 shares of the company’s stock valued at $30,783,000 after purchasing an additional 184,748 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Spyre Therapeutics in the third quarter valued at $53,349,000. Finally, ADAR1 Capital Management LLC boosted its stake in shares of Spyre Therapeutics by 893.6% in the first quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock valued at $17,065,000 after purchasing an additional 304,272 shares during the period. Hedge funds and other institutional investors own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre’s investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.