Spyre Therapeutics (NASDAQ:SYRE) Reaches New 52-Week High – Still a Buy?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) hit a new 52-week high on Monday. The company traded as high as $110.58 and last traded at $110.5350, with a volume of 727,898 shares. The stock had previously closed at $103.86.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. UBS Group started coverage on shares of Spyre Therapeutics in a research note on Sunday, October 11th. They set a “buy” rating and a $120.00 price target on the stock. BTIG Research restated a “buy” rating and set a $121.00 target price on shares of Spyre Therapeutics in a research report on Monday, October 19th. Wolfe Research lowered Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 28th. Wedbush decreased their price target on Spyre Therapeutics from $123.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 4th. Finally, Wells Fargo & Company upped their target price on Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $110.53.

Spyre Therapeutics Stock Up 2.2%

The firm has a market capitalization of $10.14 billion, a PE ratio of -38.99 and a beta of 3.24. The business’s fifty day moving average price is $90.46 and its 200 day moving average price is $75.23.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.12). As a group, sell-side analysts forecast that Spyre Therapeutics, Inc. will post -2.78 earnings per share for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In other news, insider Heidy King-Jones sold 28,933 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the transaction, the insider directly owned 2,845 shares in the company, valued at $258,980.35. This represents a 91.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott Burrows sold 7,500 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.83, for a total value of $688,725.00. Following the completion of the transaction, the chief financial officer directly owned 79,762 shares in the company, valued at $7,324,544.46. This trade represents a 8.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 138,064 shares of company stock worth $12,349,518 in the last 90 days. 15.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Perceptive Advisors LLC grew its holdings in Spyre Therapeutics by 23.3% during the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after acquiring an additional 714,000 shares in the last quarter. Bank of America Corp DE boosted its stake in Spyre Therapeutics by 192.6% during the first quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock valued at $61,945,000 after buying an additional 808,366 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Spyre Therapeutics during the 3rd quarter valued at about $53,349,000. Bank of New York Mellon Corp acquired a new position in shares of Spyre Therapeutics in the 2nd quarter worth approximately $21,768,000. Finally, ADAR1 Capital Management LLC raised its position in shares of Spyre Therapeutics by 893.6% during the first quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock worth $17,065,000 after purchasing an additional 304,272 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

Spyre Therapeutics is a clinical-stage biotechnology company developing antibody-based medicines for inflammatory bowel disease, including ulcerative colitis and Crohn’s disease. Its research focuses on therapies designed to target immune pathways involved in these conditions. The company’s pipeline includes investigational antibodies targeting TL1A, IL-23 and integrin α4β7, as well as potential combinations of these approaches. Spyre has no approved products, and its candidates remain in development.