Spyre Therapeutics’ (SYRE) Outperform Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of Spyre Therapeutics (NASDAQ:SYRE) in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a $123.00 target price on the stock.

Several other equities analysts have also recently weighed in on SYRE. Mizuho increased their price objective on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Wells Fargo & Company upped their target price on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Wolfe Research cut shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a research report on Wednesday, August 26th. Finally, Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $109.69.

Spyre Therapeutics Price Performance

Shares of SYRE opened at $90.60 on Wednesday. The firm has a market capitalization of $7.97 billion, a P/E ratio of -46.46 and a beta of 2.99. Spyre Therapeutics has a one year low of $14.51 and a one year high of $110.18. The business has a fifty day moving average of $98.15 and a 200 day moving average of $76.42.

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

Insider Activity at Spyre Therapeutics

In related news, CFO Scott Burrows sold 18,232 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the completion of the transaction, the chief financial officer directly owned 79,762 shares in the company, valued at approximately $7,126,734.70. The trade was a 18.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $95.51, for a total transaction of $1,432,650.00. Following the sale, the chief executive officer owned 567,540 shares in the company, valued at approximately $54,205,745.40. The trade was a 2.57% 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. Insiders sold a total of 180,465 shares of company stock worth $16,638,714 in the last quarter. 15.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. California State Teachers Retirement System boosted its stake in shares of Spyre Therapeutics by 9,594.0% in the second quarter. California State Teachers Retirement System now owns 5,742,912 shares of the company’s stock worth $509,856,000 after acquiring an additional 5,683,670 shares during the period. Perceptive Advisors LLC raised its stake in Spyre Therapeutics by 149.6% during the 4th quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company’s stock valued at $100,548,000 after purchasing an additional 1,839,780 shares during the period. Janus Henderson Group PLC lifted its holdings in Spyre Therapeutics by 13,969.3% in the 4th quarter. Janus Henderson Group PLC now owns 1,829,009 shares of the company’s stock worth $59,918,000 after purchasing an additional 1,816,009 shares in the last quarter. RA Capital Management L.P. purchased a new position in Spyre Therapeutics in the 4th quarter worth approximately $53,124,000. Finally, Remedium Capital Partners LLC bought a new position in Spyre Therapeutics in the 4th quarter worth approximately $47,706,000. Hedge funds and other 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 next-generation antibody therapies for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is designed to address significant treatment needs in chronic immune-mediated conditions through therapies with potentially improved efficacy, durability and dosing convenience.

Spyre’s pipeline includes investigational antibody programs targeting biological pathways associated with IBD, including interleukin-23 (IL-23), TL1A and integrin-mediated immune activity.