Spyre Therapeutics (NASDAQ:SYRE) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Spyre Therapeutics (NASDAQ:SYRE) from a hold rating to a sell rating in a research report released on Saturday.

Several other analysts have also weighed in on the company. Wedbush reissued an “outperform” rating and issued a $65.00 target price on shares of Spyre Therapeutics in a report on Wednesday, August 6th. BTIG Research reissued a “buy” rating and issued a $70.00 target price on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $56.17.

Spyre Therapeutics Price Performance

Shares of SYRE stock opened at $15.29 on Friday. The business’s fifty day moving average price is $16.40 and its 200 day moving average price is $15.75. Spyre Therapeutics has a 1-year low of $10.91 and a 1-year high of $40.26. The firm has a market capitalization of $923.52 million, a PE ratio of -4.50 and a beta of 2.87.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.49) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.73) by $0.24. Equities research analysts expect that Spyre Therapeutics will post -4.46 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Scott L. Burrows sold 18,428 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total value of $299,639.28. Following the sale, the chief financial officer directly owned 97,994 shares in the company, valued at $1,593,382.44. This represents a 15.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Large investors have recently added to or reduced their stakes in the business. CWM LLC lifted its position in Spyre Therapeutics by 357.8% during the second quarter. CWM LLC now owns 1,712 shares of the company’s stock worth $26,000 after buying an additional 1,338 shares during the period. GF Fund Management CO. LTD. purchased a new position in Spyre Therapeutics during the fourth quarter worth about $29,000. AlphaQuest LLC lifted its stake in shares of Spyre Therapeutics by 45.2% in the 1st quarter. AlphaQuest LLC now owns 3,191 shares of the company’s stock valued at $51,000 after purchasing an additional 993 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of Spyre Therapeutics in the 1st quarter valued at about $70,000. Finally, Ameritas Investment Partners Inc. lifted its stake in shares of Spyre Therapeutics by 25.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after purchasing an additional 1,045 shares in the last quarter. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).