Spyre Therapeutics (NASDAQ:SYRE) Trading Up 9.3% – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price was up 9.3% during trading on Monday . The stock traded as high as $43.79 and last traded at $43.5950. Approximately 499,364 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 694,073 shares. The stock had previously closed at $39.89.

Analysts Set New Price Targets

SYRE has been the topic of several recent research reports. Wall Street Zen lowered Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, December 18th. JonesTrading raised shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Monday, December 1st. Leerink Partners upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, February 19th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $53.44.

Spyre Therapeutics Trading Up 9.2%

The firm has a market cap of $3.42 billion, a price-to-earnings ratio of -20.94 and a beta of 3.08. The company has a 50 day moving average of $36.06 and a 200 day moving average of $28.09.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.04). Equities analysts forecast that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Scott L. Burrows sold 2,500 shares of Spyre Therapeutics stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $40.65, for a total transaction of $101,625.00. Following the completion of the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at approximately $3,983,456.10. The trade was a 2.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $42.19, for a total value of $632,850.00. Following the completion of the transaction, the chief executive officer directly owned 642,540 shares in the company, valued at approximately $27,108,762.60. This represents a 2.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 47,500 shares of company stock valued at $1,686,675. Corporate insiders own 6.20% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Spyre Therapeutics by 18.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock worth $442,000 after acquiring an additional 4,277 shares during the period. ProShare Advisors LLC boosted its holdings in shares of Spyre Therapeutics by 9.7% in the 2nd quarter. ProShare Advisors LLC now owns 12,479 shares of the company’s stock valued at $187,000 after purchasing an additional 1,101 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Spyre Therapeutics by 15.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,227,232 shares of the company’s stock valued at $18,373,000 after purchasing an additional 167,669 shares during the last quarter. Police & Firemen s Retirement System of New Jersey increased its stake in shares of Spyre Therapeutics by 31.5% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 11,525 shares of the company’s stock valued at $173,000 after purchasing an additional 2,758 shares during the last quarter. Finally, Intech Investment Management LLC lifted its position in shares of Spyre Therapeutics by 22.1% during the 2nd quarter. Intech Investment Management LLC now owns 24,945 shares of the company’s stock worth $373,000 after buying an additional 4,517 shares during the last quarter. Institutional investors and hedge funds 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.