Spyre Therapeutics (NASDAQ:SYRE) Issues Quarterly Earnings Results

Spyre Therapeutics (NASDAQ:SYRE) released its quarterly earnings data on Tuesday. The company reported ($0.74) earnings per share for the quarter, FiscalAI reports.

Spyre Therapeutics Stock Down 0.4%

Shares of SYRE opened at $69.13 on Tuesday. The company’s fifty day moving average is $51.75 and its 200-day moving average is $37.61. Spyre Therapeutics has a 12 month low of $12.28 and a 12 month high of $76.00. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of -33.24 and a beta of 3.12.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Spyre Therapeutics from $55.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Jefferies Financial Group upped their price objective on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Raymond James Financial started coverage on shares of Spyre Therapeutics in a research note on Monday, April 13th. They issued a “strong-buy” rating and a $80.00 price objective on the stock. Wall Street Zen lowered shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, April 26th. Finally, Wedbush increased their price target on shares of Spyre Therapeutics from $65.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $85.08.

Insider Transactions at Spyre Therapeutics

In other news, insider Sheldon Sloan sold 78,333 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $71.50, for a total transaction of $5,600,809.50. Following the transaction, the insider owned 78,333 shares in the company, valued at $5,600,809.50. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 12,500 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $71.37, for a total transaction of $892,125.00. Following the transaction, the chief financial officer owned 97,994 shares in the company, valued at approximately $6,993,831.78. This trade represents a 11.31% 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 have sold a total of 153,791 shares of company stock worth $9,805,860 in the last 90 days. 15.69% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Securities Group LLC acquired a new position in Spyre Therapeutics in the 1st quarter valued at $28,000. Russell Investments Group Ltd. grew its stake in Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after buying an additional 4,092 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in Spyre Therapeutics in the 4th quarter valued at $74,000. Tower Research Capital LLC TRC grew its stake in Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after buying an additional 3,725 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Spyre Therapeutics by 61.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock valued at $124,000 after buying an additional 1,435 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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.