Spyre Therapeutics (NASDAQ:SYRE) Sets New 52-Week High – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $101.71 and last traded at $100.32, with a volume of 2804591 shares trading hands. The stock had previously closed at $88.34.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Robert W. Baird boosted their price objective on Spyre Therapeutics from $65.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft lifted their target price on Spyre Therapeutics from $102.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. BTIG Research boosted their target price on shares of Spyre Therapeutics from $98.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, June 15th. JonesTrading upped their price target on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Finally, Stifel Nicolaus lifted their price objective on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $94.17.

Spyre Therapeutics Trading Up 13.6%

The business has a 50-day moving average price of $74.18 and a 200-day moving average price of $50.42. The firm has a market cap of $8.71 billion, a P/E ratio of -48.23 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.08). On average, equities analysts anticipate that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $70.43, for a total transaction of $1,056,450.00. Following the transaction, the chief executive officer directly owned 597,540 shares in the company, valued at approximately $42,084,742.20. This trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 8,333 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $75.00, for a total transaction of $624,975.00. Following the completion of the transaction, the insider directly owned 8,333 shares of the company’s stock, valued at $624,975. This trade represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 quarter. 15.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Hedge funds have recently made changes to their positions in the stock. Summit Securities Group LLC purchased a new position in Spyre Therapeutics in the first quarter valued at about $28,000. KBC Group NV purchased a new stake in shares of Spyre Therapeutics during the first quarter valued at about $69,000. Russell Investments Group Ltd. lifted its position in shares of Spyre Therapeutics by 2,881.7% during the third 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 bought a new stake in shares of Spyre Therapeutics in the 4th quarter valued at about $74,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of 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 in the last quarter. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

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.