Spyre Therapeutics (NASDAQ:SYRE) Stock Price Breaks Above 50-Day Moving Average – Time to Sell?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $90.75 and traded as high as $94.19. Spyre Therapeutics shares last traded at $92.91, with a volume of 637,158 shares traded.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd. Mizuho lifted their target price on Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Wedbush restated an “outperform” rating and issued a $123.00 target price on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. 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. Finally, Wolfe Research cut shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $110.40.

Spyre Therapeutics Stock Up 2.9%

The stock has a market cap of $9.47 billion, a price-to-earnings ratio of -47.65 and a beta of 3.10. The business’s 50 day simple moving average is $90.75 and its 200 day simple moving average is $71.50.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.40. Equities research analysts forecast that Spyre Therapeutics, Inc. will post -2.71 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Cameron Turtle sold 15,000 shares of the firm’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 in the company, valued at approximately $49,459,055.40. This trade represents a 2.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey Albers sold 18,000 shares of Spyre Therapeutics stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $104.55, for a total value of $1,881,900.00. Following the transaction, the director owned 9,360 shares of the company’s stock, valued at $978,588. The trade was a 65.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 183,564 shares of company stock valued at $16,903,193. Company insiders own 15.69% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Hedge funds have recently made changes to their positions in the business. Sterling Capital Management LLC increased its holdings in shares of Spyre Therapeutics by 862.6% during the 3rd quarter. Sterling Capital Management LLC now owns 2,522 shares of the company’s stock worth $225,000 after acquiring an additional 2,260 shares during the last quarter. Inspire Investing LLC acquired a new stake in Spyre Therapeutics during the 3rd quarter valued at $405,000. SBI Securities Co. Ltd. boosted its position in Spyre Therapeutics by 20,420.0% during the third quarter. SBI Securities Co. Ltd. now owns 1,026 shares of the company’s stock worth $91,000 after purchasing an additional 1,021 shares during the period. Nisa Investment Advisors LLC boosted its position in Spyre Therapeutics by 24.3% during the third quarter. Nisa Investment Advisors LLC now owns 2,918 shares of the company’s stock worth $260,000 after purchasing an additional 571 shares during the period. Finally, IFP Advisors Inc boosted its position in Spyre Therapeutics by 3,241.7% during the third quarter. IFP Advisors Inc now owns 802 shares of the company’s stock worth $71,000 after purchasing an additional 778 shares during the period. 80.39% of the stock is owned by institutional investors and hedge funds.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre’s investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.