Spyre Therapeutics (NASDAQ:SYRE) Announces Earnings Results

Spyre Therapeutics (NASDAQ:SYRE) issued its quarterly earnings results on Tuesday. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.79) by ($0.15), FiscalAI reports.

Spyre Therapeutics Price Performance

Shares of SYRE stock traded up $3.76 during trading hours on Tuesday, reaching $99.27. 902,874 shares of the stock were exchanged, compared to its average volume of 1,125,766. The business’s fifty day moving average is $89.84 and its two-hundred day moving average is $73.17. The firm has a market capitalization of $10.12 billion, a P/E ratio of -50.91 and a beta of 3.10. Spyre Therapeutics has a 12-month low of $21.15 and a 12-month high of $110.18.

Insider Activity

In other Spyre Therapeutics news, Director Jeffrey W. Albers sold 18,000 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $104.55, for a total value of $1,881,900.00. Following the sale, the director directly owned 9,360 shares of the company’s stock, valued at approximately $978,588. This represents a 65.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heidy King-Jones sold 28,933 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the transaction, the insider owned 2,845 shares of the company’s stock, valued at approximately $258,980.35. The trade was a 91.05% 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 161,064 shares of company stock worth $14,753,768 over the last three months. Insiders own 15.69% of the company’s stock.

Analysts Set New Price Targets

SYRE has been the topic of a number of research reports. UBS Group assumed coverage on shares of Spyre Therapeutics in a report on Sunday, October 11th. They set a “buy” rating and a $120.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on shares of Spyre Therapeutics in a research note on Thursday, October 1st. They issued an “overweight” rating and a $110.00 price target for the company. Robert W. Baird set a $120.00 price objective on Spyre Therapeutics in a research report on Wednesday, August 5th. Wolfe Research lowered Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 28th. Finally, Guggenheim increased their price objective on Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $110.40.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre’s investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.