Spyre Therapeutics (NASDAQ:SYRE) Sets New 1-Year High on Strong Earnings

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price reached a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $105.25 and last traded at $104.94, with a volume of 829779 shares. The stock had previously closed at $94.93.

The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.40.

Analyst Ratings Changes

SYRE has been the topic of several analyst reports. Leerink Partners upped their target price on Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Deutsche Bank Aktiengesellschaft raised their price target on Spyre Therapeutics from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Raymond James Financial started coverage on Spyre Therapeutics in a research note on Monday, April 13th. They set a “strong-buy” rating and a $80.00 price objective on the stock. Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Spyre Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $101.42.

Insiders Place Their Bets

In other news, Director Michael Thomas Henderson sold 20,000 shares of Spyre Therapeutics stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the director directly owned 68,606 shares in the company, valued at approximately $6,860,600. The trade was a 22.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $87.69, for a total value of $1,315,350.00. Following the completion of the sale, the chief executive officer owned 582,540 shares in the company, valued at approximately $51,082,932.60. This trade represents a 2.51% 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. In the last three months, insiders sold 176,667 shares of company stock valued at $14,177,617. Corporate insiders own 15.69% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in shares of Spyre Therapeutics by 26.8% during the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock worth $59,000 after purchasing an additional 140 shares in the last quarter. Optimize Financial Inc raised its stake in Spyre Therapeutics by 1.5% in the fourth quarter. Optimize Financial Inc now owns 25,331 shares of the company’s stock valued at $830,000 after purchasing an additional 364 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in Spyre Therapeutics by 0.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company’s stock worth $1,788,000 after purchasing an additional 522 shares during the period. Summit Securities Group LLC bought a new stake in Spyre Therapeutics during the first quarter worth about $28,000. Finally, California State Teachers Retirement System grew its stake in Spyre Therapeutics by 1.8% during the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock worth $497,000 after buying an additional 603 shares in the last quarter. Institutional investors own 80.39% of the company’s stock.

Spyre Therapeutics Stock Up 10.5%

The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of -50.45 and a beta of 3.03. The business’s 50 day simple moving average is $88.65 and its 200-day simple moving average is $63.65.

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.