Insider Selling: Spyre Therapeutics (NASDAQ:SYRE) CFO Sells $532,950.00 in Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) CFO Scott Burrows sold 7,500 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $71.06, for a total transaction of $532,950.00. Following the transaction, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at $6,963,453.64. The trade was a 7.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Spyre Therapeutics Stock Performance

NASDAQ:SYRE opened at $73.65 on Friday. The stock has a market capitalization of $6.40 billion, a P/E ratio of -35.41 and a beta of 3.05. The company has a 50 day moving average price of $66.62 and a 200 day moving average price of $45.92. Spyre Therapeutics, Inc. has a fifty-two week low of $13.93 and a fifty-two week high of $79.54.

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

Institutional Investors Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SYRE. Perceptive Advisors LLC raised its stake in Spyre Therapeutics by 149.6% during the 4th quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company’s stock worth $100,548,000 after acquiring an additional 1,839,780 shares in the last quarter. Janus Henderson Group PLC raised its stake in Spyre Therapeutics by 13,969.3% during the 4th quarter. Janus Henderson Group PLC now owns 1,829,009 shares of the company’s stock worth $59,918,000 after acquiring an additional 1,816,009 shares in the last quarter. RA Capital Management L.P. acquired a new stake in Spyre Therapeutics during the 4th quarter worth $53,124,000. Remedium Capital Partners LLC acquired a new stake in Spyre Therapeutics during the 4th quarter worth $47,706,000. Finally, TCG Crossover Management LLC acquired a new stake in Spyre Therapeutics during the 3rd quarter worth $18,446,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Raymond James Financial assumed coverage on shares of Spyre Therapeutics in a report on Monday, April 13th. They set a “strong-buy” rating and a $80.00 target price on the stock. Jefferies Financial Group increased their target price on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Leerink Partners increased their target price on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Robert W. Baird increased their target price on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, April 14th. Finally, Stifel Nicolaus increased their target price on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Spyre Therapeutics presently has an average rating of “Buy” and a consensus price target of $91.33.

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.