Spyre Therapeutics, Inc. (NASDAQ:SYRE) Stock Has Average Target Price of $110.40

Spyre Therapeutics, Inc. (NASDAQ:SYRE) has received an average rating of “Moderate Buy” from the seventeen brokerages that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $110.53.

SYRE has been the subject of several analyst reports. UBS Group initiated coverage on Spyre Therapeutics in a research report on Sunday, October 11th. They set a “buy” rating and a $120.00 price objective for the company. Deutsche Bank Aktiengesellschaft cut their target price on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a research report on Wednesday, August 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Tuesday, September 1st. Wedbush decreased their target price on Spyre Therapeutics from $123.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, November 4th. Finally, Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, October 31st.

Spyre Therapeutics Trading Down 4.1%

Spyre Therapeutics stock opened at $104.48 on Wednesday. The company has a fifty day simple moving average of $90.46 and a 200-day simple moving average of $75.23. The stock has a market cap of $9.92 billion, a P/E ratio of -38.13 and a beta of 3.24. Spyre Therapeutics has a 12-month low of $21.63 and a 12-month high of $110.64.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Tuesday, November 3rd. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.12). As a group, sell-side analysts forecast that Spyre Therapeutics will post -2.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Heidy King-Jones sold 28,933 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the completion of the sale, the insider owned 2,845 shares in the company, valued at approximately $258,980.35. The trade was a 91.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $92.01, for a total transaction of $1,380,150.00. Following the completion of the transaction, the chief executive officer owned 537,540 shares of the company’s stock, valued at approximately $49,459,055.40. The trade was a 2.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 138,064 shares of company stock valued at $12,349,518. 15.69% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky increased its position in shares of Spyre Therapeutics by 2.1% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 26,352 shares of the company’s stock worth $2,346,000 after purchasing an additional 553 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Spyre Therapeutics by 8.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 145,731 shares of the company’s stock valued at $12,975,000 after purchasing an additional 10,974 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Spyre Therapeutics by 71.5% in the 3rd quarter. Fifth Third Bancorp now owns 26,821 shares of the company’s stock valued at $2,388,000 after purchasing an additional 11,183 shares during the last quarter. New York Life Investment Management LLC acquired a new stake in shares of Spyre Therapeutics in the 3rd quarter valued at about $1,038,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Spyre Therapeutics by 4.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,355 shares of the company’s stock valued at $572,000 after purchasing an additional 265 shares during the period. 80.39% of the stock is owned by hedge funds and other institutional investors.

About Spyre Therapeutics

Spyre Therapeutics is a clinical-stage biotechnology company developing antibody-based medicines for inflammatory bowel disease, including ulcerative colitis and Crohn’s disease. Its research focuses on therapies designed to target immune pathways involved in these conditions. The company’s pipeline includes investigational antibodies targeting TL1A, IL-23 and integrin α4β7, as well as potential combinations of these approaches. Spyre has no approved products, and its candidates remain in development.