Spyre Therapeutics (NASDAQ:SYRE) Posts Earnings Results

Spyre Therapeutics (NASDAQ:SYRE) announced its quarterly earnings results on Tuesday. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.53, Zacks reports.

Spyre Therapeutics Trading Down 0.6%

Shares of NASDAQ:SYRE traded down $0.14 on Thursday, reaching $22.71. 292,229 shares of the company were exchanged, compared to its average volume of 683,004. Spyre Therapeutics has a 1-year low of $10.91 and a 1-year high of $40.26. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -6.68 and a beta of 2.99. The company has a 50-day moving average of $18.77 and a 200-day moving average of $16.82.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, CEO Cameron Turtle sold 45,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $23.33, for a total value of $1,049,850.00. Following the transaction, the chief executive officer directly owned 701,907 shares in the company, valued at approximately $16,375,490.31. This represents a 6.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Scott L. Burrows sold 18,428 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total transaction of $299,639.28. Following the transaction, the chief financial officer owned 97,994 shares in the company, valued at approximately $1,593,382.44. The trade was a 15.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 15.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC grew its holdings 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 worth $86,000 after acquiring an additional 3,725 shares during the period. Man Group plc acquired a new stake in shares of Spyre Therapeutics in the second quarter worth $162,000. BNP Paribas Financial Markets grew its stake in shares of Spyre Therapeutics by 300.0% in the second quarter. BNP Paribas Financial Markets now owns 223,320 shares of the company’s stock worth $3,343,000 after acquiring an additional 167,487 shares during the last quarter. California State Teachers Retirement System lifted its position in Spyre Therapeutics by 1.8% in the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock worth $497,000 after purchasing an additional 603 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Spyre Therapeutics by 10.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,812 shares of the company’s stock worth $447,000 after buying an additional 2,794 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SYRE has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Wednesday, October 8th. Wedbush reiterated an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. BTIG Research reiterated a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a research report on Tuesday, September 16th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Spyre Therapeutics in a research report on Friday, September 26th. They set a “buy” rating and a $43.00 price target for the company. Finally, Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $52.50.

Spyre Therapeutics Company Profile

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).