Wells Fargo & Company Issues Positive Forecast for Spyre Therapeutics (NASDAQ:SYRE) Stock Price

Spyre Therapeutics (NASDAQ:SYRE) had its price target boosted by analysts at Wells Fargo & Company from $40.00 to $50.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 18.83% from the stock’s current price.

Several other brokerages also recently weighed in on SYRE. Citigroup assumed coverage on shares of Spyre Therapeutics in a research report on Wednesday, December 17th. They set a “buy” rating and a $64.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Spyre Therapeutics in a research note on Monday, December 29th. JonesTrading raised Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Monday, December 1st. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Finally, Mizuho upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, December 18th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $53.44.

Spyre Therapeutics Price Performance

SYRE stock traded up $4.27 on Friday, reaching $42.08. 1,015,924 shares of the company traded hands, compared to its average volume of 652,126. The firm has a fifty day simple moving average of $33.21 and a 200-day simple moving average of $25.10. The company has a market cap of $3.26 billion, a P/E ratio of -19.40 and a beta of 3.15. Spyre Therapeutics has a one year low of $10.91 and a one year high of $42.74.

Spyre Therapeutics (NASDAQ:SYRE) last released its earnings results on Thursday, February 26th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.04). On average, sell-side analysts forecast that Spyre Therapeutics will post -4.46 EPS for the current year.

Insider Buying and Selling at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $32.80, for a total value of $492,000.00. Following the transaction, the chief executive officer owned 657,540 shares of the company’s stock, valued at approximately $21,567,312. This trade represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 45,000 shares of company stock valued at $1,387,500. 15.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SYRE. Affinity Asset Advisors LLC increased its holdings in Spyre Therapeutics by 26.0% in the 2nd quarter. Affinity Asset Advisors LLC now owns 606,678 shares of the company’s stock valued at $9,082,000 after acquiring an additional 125,000 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Spyre Therapeutics by 4.6% during the second quarter. Franklin Resources Inc. now owns 795,275 shares of the company’s stock valued at $11,905,000 after purchasing an additional 34,647 shares in the last quarter. AlphaQuest LLC increased its holdings in shares of Spyre Therapeutics by 1,485.1% in the third quarter. AlphaQuest LLC now owns 66,163 shares of the company’s stock worth $1,109,000 after purchasing an additional 61,989 shares during the last quarter. Intech Investment Management LLC lifted its position in shares of Spyre Therapeutics by 22.1% in the second quarter. Intech Investment Management LLC now owns 24,945 shares of the company’s stock worth $373,000 after buying an additional 4,517 shares in the last quarter. Finally, Candriam S.C.A. lifted its position in shares of Spyre Therapeutics by 64.4% in the third quarter. Candriam S.C.A. now owns 404,362 shares of the company’s stock worth $6,777,000 after buying an additional 158,332 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 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.