Spyre Therapeutics (NASDAQ:SYRE) Issues Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Spyre Therapeutics (NASDAQ:SYRE) released its quarterly earnings data on Tuesday. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.08), FiscalAI reports.

Spyre Therapeutics Trading Up 1.6%

NASDAQ SYRE traded up $1.14 during trading on Wednesday, hitting $72.15. 235,826 shares of the company traded hands, compared to its average volume of 928,164. Spyre Therapeutics has a 12 month low of $12.28 and a 12 month high of $76.00. The business has a fifty day simple moving average of $52.30 and a 200 day simple moving average of $37.95. The company has a market capitalization of $5.68 billion, a P/E ratio of -34.64 and a beta of 3.12.

Insider Transactions at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 12,500 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $71.37, for a total transaction of $892,125.00. Following the transaction, the chief financial officer owned 97,994 shares of the company’s stock, valued at approximately $6,993,831.78. This represents a 11.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $71.37, for a total value of $1,070,550.00. Following the completion of the sale, the chief executive officer owned 612,540 shares of the company’s stock, valued at approximately $43,716,979.80. This trade represents a 2.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 153,791 shares of company stock worth $9,805,860. 15.69% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Optimize Financial Inc lifted its position in shares of Spyre Therapeutics by 1.5% during the 4th quarter. Optimize Financial Inc now owns 25,331 shares of the company’s stock worth $830,000 after purchasing an additional 364 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Spyre Therapeutics by 0.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company’s stock worth $1,788,000 after buying an additional 522 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Spyre Therapeutics in the first quarter valued at approximately $28,000. California State Teachers Retirement System grew its stake in shares of Spyre Therapeutics by 1.8% in the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock worth $497,000 after acquiring an additional 603 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Spyre Therapeutics by 4.5% during the fourth quarter. AQR Capital Management LLC now owns 17,820 shares of the company’s stock worth $584,000 after acquiring an additional 773 shares during the period. Institutional investors own 80.39% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on SYRE shares. Raymond James Financial started coverage on shares of Spyre Therapeutics in a research report on Monday, April 13th. They set a “strong-buy” rating and a $80.00 price objective on the stock. Leerink Partners lifted their target price on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Wedbush upped their price target on shares of Spyre Therapeutics from $65.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Deutsche Bank Aktiengesellschaft boosted their target price on Spyre Therapeutics from $55.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Finally, Robert W. Baird upped their target price on Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 14th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $86.33.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of novel immunotherapies for cancer. The company leverages proprietary protein engineering and biologics design platforms to create targeted molecules intended to enhance anti-tumor immune responses and inhibit tumor growth. Its preclinical pipeline comprises multiple candidate therapies for solid tumor and hematologic oncology indications.

Established by a team with deep expertise in protein design, immunology and translational research, Spyre Therapeutics collaborates with leading academic institutions and research organizations to accelerate its discovery efforts.