Spyre Therapeutics (NASDAQ:SYRE) Hits New 52-Week High – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $35.58 and last traded at $33.8310, with a volume of 30571 shares. The stock had previously closed at $35.12.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SYRE. Wall Street Zen raised shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Jones Trading raised Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Monday, December 1st. BTIG Research reiterated a “buy” rating and issued a $70.00 price target on shares of Spyre Therapeutics in a report on Friday, January 16th. Mizuho upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, December 18th. Finally, Citigroup started coverage on Spyre Therapeutics in a research note on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Spyre Therapeutics has an average rating of “Buy” and an average target price of $53.88.

Spyre Therapeutics Stock Performance

The company has a market capitalization of $2.69 billion, a PE ratio of -15.81 and a beta of 3.15. The firm has a fifty day simple moving average of $32.68 and a 200 day simple moving average of $24.05.

Insider Buying and Selling at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $32.80, for a total value of $492,000.00. Following the completion of the sale, the chief executive officer directly owned 657,540 shares of the company’s stock, valued at $21,567,312. This represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 45,000 shares of company stock valued at $1,387,500 in the last ninety days. Insiders own 15.43% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Spyre Therapeutics by 32.3% during the fourth quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock valued at $132,189,000 after purchasing an additional 984,344 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Spyre Therapeutics by 8.4% during the third quarter. Wellington Management Group LLP now owns 1,640,312 shares of the company’s stock worth $27,492,000 after buying an additional 126,834 shares during the period. Jefferies Financial Group Inc. boosted its position in Spyre Therapeutics by 11.2% during the 2nd quarter. Jefferies Financial Group Inc. now owns 1,388,854 shares of the company’s stock valued at $20,791,000 after acquiring an additional 140,000 shares in the last quarter. Geode Capital Management LLC boosted its position in Spyre Therapeutics by 15.8% during the 2nd quarter. Geode Capital Management LLC now owns 1,227,232 shares of the company’s stock valued at $18,373,000 after acquiring an additional 167,669 shares in the last quarter. Finally, TCG Crossover Management LLC purchased a new position in shares of Spyre Therapeutics in the 3rd quarter valued at $18,446,000. Institutional investors own 80.39% of the company’s stock.

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.