Spyre Therapeutics (NASDAQ:SYRE) Issues Earnings Results

Spyre Therapeutics (NASDAQ:SYRE) issued its quarterly earnings results on Tuesday. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.79) by ($0.15), FiscalAI reports.

Spyre Therapeutics Stock Performance

Shares of NASDAQ:SYRE traded up $3.76 during midday trading on Tuesday, hitting $99.27. 902,874 shares of the company’s stock traded hands, compared to its average volume of 1,125,618. The firm’s fifty day moving average price is $89.84 and its two-hundred day moving average price is $73.17. Spyre Therapeutics has a twelve month low of $21.15 and a twelve month high of $110.18. The company has a market cap of $10.12 billion, a PE ratio of -50.91 and a beta of 3.10.

Wall Street Analyst Weigh In

SYRE has been the subject of a number of recent analyst reports. Wolfe Research cut Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 28th. Wells Fargo & Company increased their target price on Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Mizuho lifted their price target on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Wedbush reissued an “outperform” rating and issued a $123.00 price target on shares of Spyre Therapeutics in a report on Wednesday, September 9th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating for the company in a research report on Wednesday, August 26th. Two research 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $110.40.

Insiders Place Their Bets

In related news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $92.01, for a total transaction of $1,380,150.00. Following the transaction, the chief executive officer directly owned 537,540 shares in the company, valued at $49,459,055.40. This trade represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heidy King-Jones sold 28,933 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the sale, the insider owned 2,845 shares in the company, valued at approximately $258,980.35. This trade represents a 91.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 161,064 shares of company stock valued at $14,753,768 in the last three months. 15.69% of the stock is owned by insiders.

Spyre Therapeutics Company Profile

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.