Spyre Therapeutics (NASDAQ:SYRE) Trading Up 7.2% – Still a Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares traded up 7.2% on Wednesday . The company traded as high as $30.32 and last traded at $30.4310. 106,324 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 675,349 shares. The stock had previously closed at $28.40.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SYRE shares. BTIG Research reiterated a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a research report on Tuesday, September 16th. Wall Street Zen raised Spyre Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Deutsche Bank Aktiengesellschaft began coverage on Spyre Therapeutics in a report on Friday, September 26th. They set a “buy” rating and a $43.00 target price on the stock. Jones Trading upgraded shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Tuesday, November 25th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $52.33.

Spyre Therapeutics Price Performance

The firm has a market capitalization of $2.60 billion, a PE ratio of -15.30 and a beta of 3.14. The firm has a fifty day moving average price of $23.00 and a 200 day moving average price of $18.53.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.53. On average, sell-side analysts expect that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Insider Activity

In related news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $29.02, for a total value of $435,300.00. Following the completion of the sale, the chief executive officer owned 686,907 shares in the company, valued at approximately $19,934,041.14. This represents a 2.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.43% of the stock is owned by corporate insiders.

Institutional Trading of Spyre Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SYRE. TCG Crossover Management LLC purchased a new stake in Spyre Therapeutics in the 3rd quarter worth about $18,446,000. Paradigm Biocapital Advisors LP grew its stake in Spyre Therapeutics by 39.3% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 2,127,205 shares of the company’s stock valued at $34,322,000 after acquiring an additional 600,000 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Spyre Therapeutics in the 3rd quarter valued at about $6,841,000. Baker BROS. Advisors LP lifted its position in shares of Spyre Therapeutics by 59.6% in the third quarter. Baker BROS. Advisors LP now owns 1,000,000 shares of the company’s stock worth $16,760,000 after purchasing an additional 373,297 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Spyre Therapeutics by 483.7% during the third quarter. JPMorgan Chase & Co. now owns 275,984 shares of the company’s stock worth $4,625,000 after purchasing an additional 228,705 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

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).