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

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $108.52 and last traded at $107.7840, with a volume of 444254 shares changing hands. The stock had previously closed at $104.60.

Wall Street Analysts Forecast Growth

SYRE has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Mizuho increased their price objective on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Wedbush raised their price objective on shares of Spyre Therapeutics from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. BTIG Research boosted their target price on Spyre Therapeutics from $112.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Finally, Wolfe Research downgraded Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $111.69.

Spyre Therapeutics Trading Up 2.8%

The company’s 50-day moving average price is $94.87 and its two-hundred day moving average price is $68.63. The company has a market cap of $9.46 billion, a P/E ratio of -55.31 and a beta of 3.03.

Spyre Therapeutics (NASDAQ:SYRE) last released its earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.40. Equities analysts forecast that Spyre Therapeutics, Inc. will post -2.62 earnings per share for the current year.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, insider Sheldon Sloan sold 8,334 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total transaction of $730,891.80. Following the sale, the insider owned 8,334 shares in the company, valued at approximately $730,891.80. The trade was a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 15,000 shares of the firm’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $87.13, for a total transaction of $1,306,950.00. Following the completion of the transaction, the chief financial officer owned 97,994 shares of the company’s stock, valued at approximately $8,538,217.22. The trade was a 13.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 142,167 shares of company stock worth $12,779,292 in the last three months. Insiders own 15.69% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Spyre Therapeutics by 18.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock worth $442,000 after buying an additional 4,277 shares during the period. JPMorgan Chase & Co. boosted its position in Spyre Therapeutics by 13.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock worth $708,000 after acquiring an additional 5,723 shares during the period. Rhumbline Advisers boosted its position in Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock worth $1,095,000 after acquiring an additional 17,145 shares during the period. New York State Common Retirement Fund grew its stake in Spyre Therapeutics by 61.4% during the 2nd 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 stake in Spyre Therapeutics by 37.6% during the 2nd 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 currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

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.