Spyre Therapeutics (NASDAQ:SYRE) Given “Buy” Rating at BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reaffirmed by analysts at BTIG Research in a report released on Thursday, Benzinga reports. They presently have a $121.00 target price on the stock. BTIG Research’s price objective would indicate a potential upside of 29.20% from the company’s current price.

SYRE has been the topic of a number of other research reports. JPMorgan Chase & Co. started coverage on Spyre Therapeutics in a report on Thursday. They set an “overweight” rating and a $110.00 price objective on the stock. Guggenheim increased their price target on Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Wedbush restated an “outperform” rating and issued a $123.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. Wall Street Zen downgraded shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, August 16th. Finally, Mizuho raised their target price on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $109.71.

Spyre Therapeutics Stock Up 5.2%

Shares of Spyre Therapeutics stock traded up $4.62 on Thursday, hitting $93.65. 607,969 shares of the company traded hands, compared to its average volume of 1,101,766. Spyre Therapeutics has a 12-month low of $15.86 and a 12-month high of $110.18. The company has a market cap of $8.24 billion, a PE ratio of -47.96 and a beta of 2.99. The company has a 50-day moving average price of $96.09 and a 200 day moving average price of $81.00.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.40. Equities research analysts anticipate that Spyre Therapeutics will post -2.71 EPS for the current year.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, Director Jeffrey W. Albers sold 18,000 shares of Spyre Therapeutics stock in a transaction on Friday, August 7th. The shares were sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the sale, the director owned 9,360 shares in the company, valued at $978,588. The trade was a 65.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heidy King-Jones sold 400 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $90.00, for a total transaction of $36,000.00. Following the completion of the sale, the insider directly owned 2,845 shares in the company, valued at $256,050. This trade represents a 12.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 114,631 shares of company stock worth $10,627,472 over the last quarter. 15.69% of the stock is owned by company insiders.

Institutional Trading of Spyre Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SYRE. Perceptive Advisors LLC boosted 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 during the last quarter. Capital International Investors raised its holdings in shares of Spyre Therapeutics by 46.0% during the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock worth $114,416,000 after acquiring an additional 1,100,000 shares during the period. Bank of America Corp DE lifted its position in Spyre Therapeutics by 192.6% in the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock valued at $61,945,000 after acquiring an additional 808,366 shares in the last quarter. Commodore Capital LP increased its holdings in Spyre Therapeutics by 20.1% during the 4th quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock worth $78,239,000 after purchasing an additional 400,161 shares in the last quarter. Finally, ADAR1 Capital Management LLC raised its stake in shares of Spyre Therapeutics by 893.6% in the 1st quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock valued at $17,065,000 after purchasing an additional 304,272 shares during the period. Institutional investors own 80.39% of the company’s stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre’s pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).