Spyre Therapeutics’ (SYRE) Buy Rating Reiterated at BTIG Research

BTIG Research restated their buy rating on shares of Spyre Therapeutics (NASDAQ:SYRE) in a research report report published on Tuesday,Benzinga reports. They currently have a $121.00 price target on the stock.

A number of other equities research analysts have also recently commented on the company. Guggenheim increased their target price on Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Wells Fargo & Company increased their price objective on Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Wedbush cut their target price on shares of Spyre Therapeutics from $130.00 to $123.00 and set an “outperform” rating for the company in a research note on Wednesday, August 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Tuesday, September 1st. Finally, Wolfe Research lowered shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Spyre Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $109.69.

Spyre Therapeutics Stock Up 2.0%

NASDAQ:SYRE opened at $88.71 on Tuesday. Spyre Therapeutics has a 52-week low of $14.51 and a 52-week high of $110.18. The stock has a fifty day simple moving average of $98.07 and a 200-day simple moving average of $76.32. The company has a market capitalization of $7.80 billion, a PE ratio of -45.49 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.40. As a group, equities analysts anticipate that Spyre Therapeutics will post -2.71 earnings per share for the current year.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, insider Heidy King-Jones sold 400 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $90.00, for a total transaction of $36,000.00. Following the transaction, the insider owned 2,845 shares of the company’s stock, valued at $256,050. This trade represents a 12.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $87.29, for a total transaction of $1,309,350.00. Following the completion of the transaction, the chief executive officer owned 552,540 shares in the company, valued at approximately $48,231,216.60. This trade represents a 2.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 180,465 shares of company stock valued at $16,638,714 in the last ninety days. 15.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Spyre Therapeutics by 18.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock worth $442,000 after purchasing an additional 4,277 shares in the last quarter. JPMorgan Chase & Co. increased its position 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 worth $708,000 after acquiring an additional 5,723 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock valued at $1,095,000 after acquiring an additional 17,145 shares in the last quarter. New York State Common Retirement Fund boosted its position in Spyre Therapeutics by 61.4% during the 2nd quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock worth $248,000 after purchasing an additional 6,300 shares during the period. Finally, Invesco Ltd. increased its holdings in Spyre Therapeutics by 37.6% in the 2nd 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. 80.39% of the stock is owned by institutional investors and hedge funds.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation antibody therapies for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is designed to address significant treatment needs in chronic immune-mediated conditions through therapies with potentially improved efficacy, durability and dosing convenience.

Spyre’s pipeline includes investigational antibody programs targeting biological pathways associated with IBD, including interleukin-23 (IL-23), TL1A and integrin-mediated immune activity.