Insider Selling: Spyre Therapeutics (NASDAQ:SYRE) CFO Sells $1,629,029.20 in Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) CFO Scott Burrows sold 18,232 shares of Spyre Therapeutics stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $89.35, for a total value of $1,629,029.20. Following the completion of the sale, the chief financial officer directly owned 79,762 shares of the company’s stock, valued at approximately $7,126,734.70. This trade represents a 18.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Spyre Therapeutics Stock Performance

NASDAQ SYRE traded up $0.20 during trading on Thursday, hitting $87.25. 1,054,184 shares of the company’s stock traded hands, compared to its average volume of 1,063,422. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of -44.74 and a beta of 2.99. Spyre Therapeutics, Inc. has a 12-month low of $14.51 and a 12-month high of $110.18. The business has a 50 day moving average of $98.03 and a 200-day moving average of $74.53.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.40. On average, analysts expect that Spyre Therapeutics, Inc. will post -2.62 EPS for the current year.

Wall Street Analysts Forecast Growth

SYRE has been the subject of a number of recent research reports. Guggenheim lifted their price objective on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. BTIG Research cut their price target on Spyre Therapeutics from $132.00 to $121.00 and set a “buy” rating for the company in a report on Wednesday, August 26th. Deutsche Bank Aktiengesellschaft reduced their price target on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating for the company in a research report on Wednesday, August 26th. Mizuho boosted their price objective on Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, Robert W. Baird set a $120.00 price objective on Spyre Therapeutics in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $109.69.

Institutional Trading of Spyre Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Securities Group LLC purchased a new stake in Spyre Therapeutics in the 1st quarter worth approximately $28,000. GAMMA Investing LLC grew its position in shares of Spyre Therapeutics by 26.8% during the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock valued at $59,000 after purchasing an additional 140 shares in the last quarter. KBC Group NV bought a new position in shares of Spyre Therapeutics in the first quarter worth $69,000. Nykredit A S purchased a new stake in shares of Spyre Therapeutics in the second quarter worth $173,000. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Spyre Therapeutics in the fourth quarter worth $74,000. Institutional investors 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.