Spyre Therapeutics (NASDAQ:SYRE) Hits New 1-Year High – Should You Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) reached a new 52-week high during trading on Tuesday . The company traded as high as $49.42 and last traded at $48.9110, with a volume of 75970 shares traded. The stock had previously closed at $45.42.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on Spyre Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Mizuho upgraded Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, December 18th. Wall Street Zen cut Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Finally, Stifel Nicolaus upped their price target on shares of Spyre Therapeutics from $70.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $60.67.

Spyre Therapeutics Stock Performance

The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of -24.17 and a beta of 3.08. The business’s 50-day simple moving average is $38.79 and its 200-day simple moving average is $30.22.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly 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, analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Scott L. Burrows sold 2,500 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $40.65, for a total value of $101,625.00. Following the transaction, the chief financial officer directly owned 97,994 shares in the company, valued at $3,983,456.10. This trade represents a 2.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $42.19, for a total value of $632,850.00. Following the sale, the chief executive officer directly owned 642,540 shares of the company’s stock, valued at approximately $27,108,762.60. This trade represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 47,500 shares of company stock valued at $1,686,675 in the last ninety days. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC grew its position in shares of 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 buying an additional 1,839,780 shares during the period. Janus Henderson Group PLC raised its position in shares of Spyre Therapeutics by 13,969.3% in the 4th quarter. Janus Henderson Group PLC now owns 1,829,009 shares of the company’s stock valued at $59,918,000 after acquiring an additional 1,816,009 shares during the period. RA Capital Management L.P. bought a new position in Spyre Therapeutics during the 4th quarter worth approximately $53,124,000. Remedium Capital Partners LLC acquired a new position in Spyre Therapeutics during the fourth quarter valued at approximately $47,706,000. Finally, TCG Crossover Management LLC acquired a new position in Spyre Therapeutics during the third quarter valued at approximately $18,446,000. Institutional investors own 80.39% of the company’s stock.

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.