Spyre Therapeutics (NASDAQ:SYRE) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Spyre Therapeutics (NASDAQ:SYRE) from a hold rating to a sell rating in a research report released on Saturday morning.

SYRE has been the topic of several other research reports. BTIG Research restated a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a report on Friday. Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, December 18th. Wells Fargo & Company raised their target price on shares of Spyre Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Friday. Citigroup began coverage on shares of Spyre Therapeutics in a research note on Wednesday, December 17th. They issued a “buy” rating and a $64.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Spyre Therapeutics presently has an average rating of “Buy” and an average target price of $53.44.

Spyre Therapeutics Stock Up 2.2%

Shares of SYRE opened at $44.18 on Friday. The company has a market cap of $3.47 billion, a P/E ratio of -21.24 and a beta of 3.15. Spyre Therapeutics has a fifty-two week low of $10.91 and a fifty-two week high of $45.76. The firm’s 50 day moving average price is $33.62 and its 200 day moving average price is $25.62.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.04). Research analysts forecast that Spyre Therapeutics will post -4.46 earnings per share for the current year.

Insider Buying and Selling

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $32.80, for a total transaction of $492,000.00. Following the sale, the chief executive officer owned 657,540 shares of the company’s stock, valued at approximately $21,567,312. This trade represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 45,000 shares of company stock valued at $1,387,500 in the last 90 days. Corporate insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. CWM LLC lifted its position in Spyre Therapeutics by 357.8% in the second quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after acquiring an additional 1,338 shares during the last quarter. Persistent Asset Partners Ltd acquired a new stake in shares of Spyre Therapeutics during the fourth quarter worth about $74,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Spyre Therapeutics by 61.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock valued at $124,000 after purchasing an additional 1,435 shares during the last quarter. AlphaQuest LLC boosted its position in shares of Spyre Therapeutics by 30.8% in the 2nd quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock valued at $62,000 after purchasing an additional 983 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after purchasing an additional 4,092 shares during the period. 80.39% of the stock is 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.