Spyre Therapeutics (NASDAQ:SYRE) Stock Rating Reaffirmed as Buy by BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reiterated 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 indicates a potential upside of 32.43% from the stock’s current price.

A number of other research analysts have also commented on SYRE. 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. Mizuho lifted their price target on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Wolfe Research cut shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a research note on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $109.71.

Spyre Therapeutics Stock Performance

Shares of Spyre Therapeutics stock traded up $2.34 during midday trading on Thursday, reaching $91.37. 197,802 shares of the company’s stock traded hands, compared to its average volume of 1,099,405. Spyre Therapeutics has a 52 week low of $15.86 and a 52 week high of $110.18. The company’s 50 day simple moving average is $96.09 and its 200 day simple moving average is $81.00. The company has a market cap of $8.04 billion, a price-to-earnings ratio of -46.77 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.40. As a group, equities research analysts predict that Spyre Therapeutics will post -2.71 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jeffrey W. Albers sold 18,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director owned 9,360 shares of the company’s stock, valued at approximately $978,588. This represents a 65.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 18,232 shares of Spyre Therapeutics stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $89.35, for a total value of $1,629,029.20. Following the sale, the chief financial officer directly owned 79,762 shares in the company, valued at approximately $7,126,734.70. This trade represents a 18.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 114,631 shares of company stock valued at $10,627,472. Corporate insiders own 15.69% of the company’s stock.

Institutional Trading of Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Perceptive Advisors LLC boosted its stake in Spyre Therapeutics by 149.6% in the 4th quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company’s stock valued at $100,548,000 after buying an additional 1,839,780 shares in the last quarter. Capital International Investors raised its stake in 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 in the last quarter. Bank of America Corp DE lifted its holdings in shares of 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 valued at $61,945,000 after acquiring an additional 808,366 shares during the period. Commodore Capital LP boosted its stake in shares of Spyre Therapeutics by 20.1% in the 4th quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock valued at $78,239,000 after purchasing an additional 400,161 shares in the last quarter. Finally, ADAR1 Capital Management LLC increased its position in shares of Spyre Therapeutics by 893.6% during the 1st quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock worth $17,065,000 after purchasing an additional 304,272 shares in the last quarter. 80.39% of the stock is currently owned by institutional investors.

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).