Spyre Therapeutics (NASDAQ:SYRE) Reaches New 1-Year High – Still a Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares hit a new 52-week high on Wednesday . The stock traded as high as $84.93 and last traded at $83.41, with a volume of 1337059 shares changing hands. The stock had previously closed at $83.58.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SYRE. Jefferies Financial Group increased their target price on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, April 13th. Deutsche Bank Aktiengesellschaft boosted their price target on Spyre Therapeutics from $102.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, June 4th. BTIG Research increased their price objective on Spyre Therapeutics from $98.00 to $112.00 and gave the stock a “buy” rating in a report on Monday. Stifel Nicolaus lifted their price objective on Spyre Therapeutics from $92.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Raymond James Financial began coverage on Spyre Therapeutics in a research note on Monday, April 13th. They set a “strong-buy” rating and a $80.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Spyre Therapeutics currently has a consensus rating of “Buy” and an average target price of $94.17.

Spyre Therapeutics Stock Up 1.0%

The company has a market cap of $7.67 billion, a PE ratio of -42.47 and a beta of 3.05. The firm’s 50-day moving average is $72.48 and its 200-day moving average is $49.49.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). As a group, equities research analysts anticipate that Spyre Therapeutics, Inc. will post -2.86 EPS for the current fiscal year.

Insider Transactions at Spyre Therapeutics

In related news, Director Michael Thomas Henderson sold 80,000 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $74.40, for a total value of $5,952,000.00. Following the sale, the director directly owned 88,606 shares of the company’s stock, valued at $6,592,286.40. This represents a 47.45% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, 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 value of $892,125.00. Following the completion of the transaction, the chief financial officer owned 97,994 shares of the company’s stock, valued at approximately $6,993,831.78. This trade represents a 11.31% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 247,124 shares of company stock worth $17,237,760 over the last 90 days. 15.69% of the stock is currently owned by insiders.

Institutional Trading of Spyre Therapeutics

A number of hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Spyre Therapeutics by 18.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock worth $442,000 after buying an additional 4,277 shares during the period. JPMorgan Chase & Co. lifted its position in Spyre Therapeutics by 13.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock valued at $708,000 after acquiring an additional 5,723 shares during the period. Rhumbline Advisers lifted its position in Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock valued at $1,095,000 after acquiring an additional 17,145 shares during the period. New York State Common Retirement Fund boosted its stake in Spyre Therapeutics by 61.4% during the second quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock worth $248,000 after acquiring an additional 6,300 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Spyre Therapeutics by 37.6% during the second quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock worth $519,000 after acquiring an additional 9,473 shares in the last quarter. Institutional investors own 80.39% of the company’s stock.

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.