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

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) reached a new 52-week high during trading on Tuesday . The stock traded as high as $108.52 and last traded at $107.7840, with a volume of 444254 shares. The stock had previously closed at $104.60.

Analysts Set New Price Targets

A number of equities analysts recently commented on SYRE shares. Mizuho lifted their target price on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft boosted their price objective on Spyre Therapeutics from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. BTIG Research lifted their target price on shares of Spyre Therapeutics from $112.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Finally, Wedbush raised their price target on shares of Spyre Therapeutics from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Spyre Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $111.69.

Spyre Therapeutics Trading Up 1.0%

The company’s fifty day simple moving average is $96.17 and its 200 day simple moving average is $69.69. The firm has a market capitalization of $9.58 billion, a P/E ratio of -55.86 and a beta of 3.03.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.40. On average, analysts predict that Spyre Therapeutics, Inc. will post -2.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jeffrey W. Albers sold 18,000 shares of Spyre Therapeutics stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the sale, the director directly owned 9,360 shares in the company, valued at $978,588. The trade was a 65.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 8,334 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total value of $730,891.80. Following the completion of the sale, the insider directly owned 8,334 shares in the company, valued at approximately $730,891.80. The trade was a 50.00% decrease in their ownership of the stock. 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 142,167 shares of company stock worth $12,779,292 over the last quarter. Company insiders own 15.69% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Summit Securities Group LLC purchased a new position in shares of Spyre Therapeutics during the first quarter valued at approximately $28,000. GAMMA Investing LLC increased its position in Spyre Therapeutics by 26.8% during the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock valued at $59,000 after buying an additional 140 shares in the last quarter. KBC Group NV purchased a new position in Spyre Therapeutics during the first quarter valued at $69,000. Persistent Asset Partners Ltd bought a new stake in Spyre Therapeutics in the fourth quarter worth $74,000. Finally, ABS Direct Equity Fund LLC purchased a new stake in shares of Spyre Therapeutics in the first quarter worth $141,000. Hedge funds and other 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.