Spyre Therapeutics (NASDAQ:SYRE) Releases Quarterly Earnings Results, Beats Expectations By $0.40 EPS

Spyre Therapeutics (NASDAQ:SYRE) released its quarterly earnings data on Tuesday. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.40, FiscalAI reports.

Spyre Therapeutics Price Performance

Shares of SYRE traded down $2.57 on Wednesday, reaching $102.37. 446,002 shares of the stock traded hands, compared to its average volume of 1,085,884. The stock’s 50-day moving average price is $89.28 and its 200-day moving average price is $64.16. The firm has a market cap of $9.00 billion, a price-to-earnings ratio of -49.01 and a beta of 3.03. Spyre Therapeutics has a 12 month low of $14.51 and a 12 month high of $108.14.

Insider Buying and Selling at Spyre Therapeutics

In other Spyre Therapeutics news, Director Michael Thomas Henderson sold 20,000 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the sale, the director owned 68,606 shares of the company’s stock, valued at $6,860,600. The trade was a 22.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $87.69, for a total transaction of $1,315,350.00. Following the completion of the transaction, the chief executive officer owned 582,540 shares of the company’s stock, valued at approximately $51,082,932.60. This represents a 2.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 176,667 shares of company stock worth $14,177,617 over the last three months. 15.69% of the stock is currently owned by corporate insiders.

Institutional Trading of Spyre Therapeutics

A number of large investors have recently bought and sold shares of SYRE. Persistent Asset Partners Ltd bought a new position in shares of Spyre Therapeutics during the fourth quarter valued at $74,000. Russell Investments Group Ltd. grew its holdings 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 worth $71,000 after purchasing an additional 4,092 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of 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 buying an additional 3,725 shares in the last quarter. Martingale Asset Management L P acquired a new position in shares of Spyre Therapeutics in the 4th quarter worth approximately $227,000. Finally, Virtus Investment Advisers LLC raised its position in Spyre Therapeutics by 23.2% in the 4th quarter. Virtus Investment Advisers LLC now owns 7,913 shares of the company’s stock valued at $259,000 after purchasing an additional 1,488 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SYRE has been the topic of several recent research reports. Wells Fargo & Company raised their target price on Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday. Raymond James Financial started coverage on Spyre Therapeutics in a research note on Monday, April 13th. They issued a “strong-buy” rating and a $80.00 price objective on the stock. Wall Street Zen cut shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Robert W. Baird set a $120.00 target price on shares of Spyre Therapeutics in a research note on Wednesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $110.15.

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.