Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price gapped up before the market opened on Monday . The stock had previously closed at $88.34, but opened at $95.00. Spyre Therapeutics shares last traded at $99.7440, with a volume of 419,816 shares traded.

Wall Street Analyst Weigh In

Several research firms have weighed in on SYRE. Wall Street Zen lowered shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, April 26th. Robert W. Baird lifted their price target on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, April 14th. Jefferies Financial Group upped their price objective on Spyre Therapeutics from $47.00 to $85.00 and gave the company a “buy” rating in a report on Monday, April 13th. JonesTrading raised their target price on Spyre Therapeutics from $64.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Finally, Citigroup lifted their target price on Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $94.17.

Spyre Therapeutics Stock Up 10.0%

The business’s 50-day simple moving average is $73.21 and its two-hundred day simple moving average is $49.91. The firm has a market capitalization of $8.44 billion, a price-to-earnings ratio of -47.01 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). Sell-side analysts anticipate that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current year.

Insider Transactions at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 7,500 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $71.06, for a total transaction of $532,950.00. Following the completion of the transaction, the chief financial officer directly owned 97,994 shares in the company, valued at $6,963,453.64. This trade represents a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Thomas Henderson sold 80,000 shares of Spyre Therapeutics stock in a transaction on Friday, May 8th. The shares were sold at an average price of $74.40, for a total value of $5,952,000.00. Following the completion of the sale, the director directly owned 88,606 shares of the company’s stock, valued at $6,592,286.40. The trade was a 47.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 247,124 shares of company stock worth $17,237,760 in the last ninety days. 15.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds have recently bought and sold shares of SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Spyre Therapeutics by 18.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock valued at $442,000 after acquiring an additional 4,277 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Spyre Therapeutics by 13.8% in the second quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock valued at $708,000 after purchasing an additional 5,723 shares during the period. Rhumbline Advisers boosted its stake in shares of Spyre Therapeutics by 30.6% in the second quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock valued at $1,095,000 after purchasing an additional 17,145 shares during the period. New York State Common Retirement Fund grew its holdings in shares of Spyre Therapeutics by 61.4% in the second quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock valued at $248,000 after purchasing an additional 6,300 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Spyre Therapeutics by 37.6% in the second quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock valued at $519,000 after purchasing an additional 9,473 shares in the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

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.