Spyre Therapeutics (NASDAQ:SYRE) Sets New 1-Year High – Still a Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $51.26 and last traded at $51.20, with a volume of 799248 shares trading hands. The stock had previously closed at $48.98.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Citigroup assumed coverage on Spyre Therapeutics in a research report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price for the company. Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, December 18th. Wells Fargo & Company boosted their target price on Spyre Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. BTIG Research reaffirmed a “buy” rating and issued a $70.00 target price on shares of Spyre Therapeutics in a research report on Tuesday, March 31st. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $60.67.

Spyre Therapeutics Trading Up 4.5%

The business has a fifty day simple moving average of $40.34 and a 200 day simple moving average of $31.40. The stock has a market capitalization of $4.02 billion, a P/E ratio of -24.62 and a beta of 2.93.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($0.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04). As a group, research analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Insiders Place Their Bets

In other Spyre Therapeutics news, insider Sheldon Sloan sold 7,958 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $50.00, for a total transaction of $397,900.00. Following the completion of the sale, the insider directly owned 7,958 shares of the company’s stock, valued at approximately $397,900. The trade was a 50.00% decrease in their position. 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 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $49.34, for a total value of $370,050.00. Following the sale, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at $4,835,023.96. This represents a 7.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 62,958 shares of company stock valued at $2,734,375. Corporate insiders own 15.43% of the company’s stock.

Institutional Trading of Spyre Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Spyre Therapeutics by 18.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock worth $442,000 after purchasing an additional 4,277 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Spyre Therapeutics by 13.8% in the second quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock valued at $708,000 after acquiring an additional 5,723 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Spyre Therapeutics by 30.6% in the second quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock valued at $1,095,000 after acquiring an additional 17,145 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Spyre Therapeutics by 61.4% in the second quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock valued at $248,000 after acquiring an additional 6,300 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Spyre Therapeutics by 37.6% in the second quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock valued at $519,000 after acquiring an additional 9,473 shares in the last quarter. 80.39% of the stock is owned by institutional investors.

About Spyre Therapeutics

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.