Spyre Therapeutics (NASDAQ:SYRE) Shares Down 7.5% – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price dropped 7.5% on Tuesday . The company traded as low as $66.62 and last traded at $64.8560. Approximately 98,419 shares were traded during trading, a decline of 90% from the average daily volume of 942,231 shares. The stock had previously closed at $70.08.

Analysts Set New Price Targets

SYRE has been the subject of a number of research analyst reports. Wedbush boosted their target price on shares of Spyre Therapeutics from $65.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Robert W. Baird boosted their target price on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 14th. Raymond James Financial initiated coverage on shares of Spyre Therapeutics in a research report on Monday, April 13th. They set a “strong-buy” rating and a $80.00 target price for the company. Wells Fargo & Company upped their price objective on shares of Spyre Therapeutics from $50.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, April 14th. Finally, Jefferies Financial Group upped their price objective on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $90.25.

Spyre Therapeutics Stock Down 3.1%

The stock has a market cap of $5.90 billion, a price-to-earnings ratio of -32.70 and a beta of 3.12. The company’s 50-day moving average is $58.06 and its 200-day moving average is $41.20.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.08). On average, research analysts forecast that Spyre Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Insider Buying and Selling at Spyre Therapeutics

In related news, insider Sheldon Sloan sold 78,333 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $71.50, for a total value of $5,600,809.50. Following the completion of the transaction, the insider owned 78,333 shares of the company’s stock, valued at $5,600,809.50. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Thomas Henderson sold 80,000 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $74.40, for a total transaction of $5,952,000.00. Following the completion of the transaction, the director directly owned 88,606 shares of the company’s stock, valued at $6,592,286.40. This trade represents a 47.45% 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. Over the last ninety days, insiders sold 233,791 shares of company stock worth $15,757,860. 15.69% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its stake in Spyre Therapeutics by 192.6% during the first quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after buying an additional 808,366 shares during the last quarter. Stempoint Capital LP increased its holdings in shares of Spyre Therapeutics by 417.7% during the first quarter. Stempoint Capital LP now owns 167,606 shares of the company’s stock worth $8,454,000 after buying an additional 135,229 shares in the last quarter. ADAR1 Capital Management LLC increased its holdings in shares of Spyre Therapeutics by 893.6% during the first quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock worth $17,065,000 after buying an additional 304,272 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Spyre Therapeutics by 23.3% during the first quarter. California State Teachers Retirement System now owns 59,242 shares of the company’s stock worth $2,988,000 after buying an additional 11,204 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Spyre Therapeutics by 63.5% during the first quarter. Royal Bank of Canada now owns 3,250 shares of the company’s stock worth $164,000 after buying an additional 1,262 shares in the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

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.