Spyre Therapeutics (NASDAQ:SYRE) Receives “Buy” Rating from BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating restated by equities research analysts at BTIG Research in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $70.00 price target on the stock. BTIG Research’s price objective indicates a potential upside of 54.12% from the company’s previous close.

Several other equities analysts have also issued reports on the stock. Leerink Partners raised shares of Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, February 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spyre Therapeutics in a research note on Monday, December 29th. Citigroup began coverage on Spyre Therapeutics in a report on Wednesday, December 17th. They set a “buy” rating and a $64.00 target price on the stock. Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, December 18th. Finally, Stifel Nicolaus increased their price target on Spyre Therapeutics from $70.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Spyre Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $60.67.

Spyre Therapeutics Price Performance

Shares of SYRE stock opened at $45.42 on Tuesday. The stock has a market cap of $3.57 billion, a PE ratio of -21.84 and a beta of 3.08. The stock has a 50-day moving average of $38.79 and a 200-day moving average of $30.22. Spyre Therapeutics has a one year low of $10.91 and a one year high of $49.31.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.04). As a group, research analysts anticipate that Spyre Therapeutics will post -4.46 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Scott L. Burrows sold 2,500 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $40.65, for a total value of $101,625.00. Following the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at $3,983,456.10. The trade was a 2.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $32.80, for a total transaction of $492,000.00. Following the transaction, the chief executive officer owned 657,540 shares of the company’s stock, valued at $21,567,312. The trade was a 2.23% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 47,500 shares of company stock valued at $1,686,675. Insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd acquired a new position in shares of Spyre Therapeutics during the 4th quarter worth about $74,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Spyre Therapeutics by 61.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock valued at $124,000 after acquiring an additional 1,435 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Spyre Therapeutics by 2,881.7% during the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after acquiring an additional 4,092 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in Spyre Therapeutics by 25.8% during the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after purchasing an additional 1,045 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Spyre Therapeutics by 182.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after purchasing an additional 3,725 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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.