Spyre Therapeutics, Inc. (NASDAQ:SYRE) Receives $52.50 Average PT from Brokerages

Spyre Therapeutics, Inc. (NASDAQ:SYRE) has earned a consensus recommendation of “Buy” from the nine research firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $52.50.

Several research firms recently weighed in on SYRE. Wedbush reiterated an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a report on Wednesday, August 6th. Deutsche Bank Aktiengesellschaft began coverage on shares of Spyre Therapeutics in a report on Friday, September 26th. They issued a “buy” rating and a $43.00 price target on the stock. BTIG Research reiterated a “buy” rating and issued a $70.00 price target on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, October 14th.

Spyre Therapeutics Stock Performance

Shares of Spyre Therapeutics stock opened at $23.83 on Friday. Spyre Therapeutics has a 52-week low of $10.91 and a 52-week high of $40.26. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -7.01 and a beta of 2.90. The company’s 50 day moving average price is $18.10 and its 200-day moving average price is $16.44.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.49) earnings per share for the quarter, beating the consensus estimate of ($0.73) by $0.24. As a group, equities research analysts forecast that Spyre Therapeutics will post -4.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 18,428 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total transaction of $299,639.28. Following the completion of the transaction, the chief financial officer owned 97,994 shares of the company’s stock, valued at approximately $1,593,382.44. This trade represents a 15.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 15.43% 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 SYRE. CWM LLC lifted its position in Spyre Therapeutics by 357.8% during the second quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after buying an additional 1,338 shares during the period. AlphaQuest LLC lifted its position in Spyre Therapeutics by 45.2% during the first quarter. AlphaQuest LLC now owns 3,191 shares of the company’s stock valued at $51,000 after buying an additional 993 shares during the period. Ameritas Investment Partners Inc. lifted its position in Spyre Therapeutics by 25.8% during the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after buying an additional 1,045 shares during the period. Tower Research Capital LLC TRC lifted its position in Spyre Therapeutics by 182.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after buying an additional 3,725 shares during the period. Finally, Man Group plc purchased a new position in Spyre Therapeutics during the second quarter valued at $162,000. Hedge funds and other institutional investors own 80.39% of the company’s stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).