Insider Selling: Spyre Therapeutics (NASDAQ:SYRE) CEO Sells 15,000 Shares of Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $92.01, for a total value of $1,380,150.00. Following the completion of the sale, the chief executive officer directly owned 537,540 shares of the company’s stock, valued at approximately $49,459,055.40. This trade represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cameron Turtle also recently made the following trade(s):

• On Tuesday, September 1st, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The stock was sold at an average price of $87.29, for a total transaction of $1,309,350.00.
• On Monday, August 3rd, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The stock was sold at an average price of $95.51, for a total transaction of $1,432,650.00.

Spyre Therapeutics Stock Up 3.6%

NASDAQ SYRE traded up $3.26 during trading on Friday, reaching $93.19. 1,235,015 shares of the stock traded hands, compared to its average volume of 1,229,962. Spyre Therapeutics, Inc. has a fifty-two week low of $15.86 and a fifty-two week high of $110.18. The firm has a market cap of $8.20 billion, a price-to-earnings ratio of -47.79 and a beta of 3.10. The stock’s 50-day moving average price is $95.71 and its 200 day moving average price is $81.43.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.40. Analysts anticipate that Spyre Therapeutics, Inc. will post -2.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. BTIG Research reaffirmed a “buy” rating and set a $121.00 price objective on shares of Spyre Therapeutics in a research note on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. JPMorgan Chase & Co. assumed coverage on Spyre Therapeutics in a research report on Thursday. They set an “overweight” rating and a $110.00 price target on the stock. Wolfe Research cut Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a report on Tuesday, July 28th. Finally, Robert W. Baird set a $120.00 price objective on Spyre Therapeutics in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Spyre Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $109.71.

Hedge Funds Weigh In On Spyre Therapeutics

Large investors have recently added to or reduced their stakes in the company. Perceptive Advisors LLC raised its position in Spyre Therapeutics by 149.6% in the 4th quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company’s stock valued at $100,548,000 after buying an additional 1,839,780 shares during the last quarter. Capital International Investors grew its stake in shares of Spyre Therapeutics by 46.0% during the 4th quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock worth $114,416,000 after acquiring an additional 1,100,000 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Spyre Therapeutics by 192.6% during the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after acquiring an additional 808,366 shares in the last quarter. Commodore Capital LP raised its holdings in shares of Spyre Therapeutics by 20.1% in the fourth quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock valued at $78,239,000 after purchasing an additional 400,161 shares during the last quarter. Finally, ADAR1 Capital Management LLC raised its holdings in shares of Spyre Therapeutics by 893.6% in the first quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock valued at $17,065,000 after purchasing an additional 304,272 shares during the last quarter. Institutional investors own 80.39% of the company’s stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre’s pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).