Spyre Therapeutics (NASDAQ:SYRE) Research Coverage Started at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft initiated coverage on shares of Spyre Therapeutics (NASDAQ:SYRE) in a report published on Friday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $43.00 price objective on the stock.

Other equities analysts also recently issued reports about the company. Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, September 20th. Wedbush reaffirmed an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research note on Wednesday, August 6th. Finally, BTIG Research reiterated a “buy” rating and issued a $70.00 price objective on shares of Spyre Therapeutics in a research report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. According to data from MarketBeat, Spyre Therapeutics currently has an average rating of “Buy” and a consensus price target of $54.29.

Spyre Therapeutics Trading Up 4.0%

SYRE stock opened at $16.24 on Friday. The company’s 50-day moving average price is $16.40 and its 200 day moving average price is $15.69. Spyre Therapeutics has a 52 week low of $10.91 and a 52 week high of $40.26. The company has a market cap of $980.90 million, a P/E ratio of -4.78 and a beta of 2.87.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Tuesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.24. On average, equities research analysts expect that Spyre Therapeutics will post -4.46 earnings per share for the current year.

Insider Activity

In other news, CFO Scott L. Burrows sold 18,428 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total value of $299,639.28. Following the sale, the chief financial officer directly owned 97,994 shares in the company, valued at $1,593,382.44. This represents a 15.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 6.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Paradigm Biocapital Advisors LP lifted its holdings in Spyre Therapeutics by 39.3% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 2,127,205 shares of the company’s stock valued at $34,322,000 after purchasing an additional 600,000 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Spyre Therapeutics during the fourth quarter valued at approximately $3,906,000. Geode Capital Management LLC boosted its position in Spyre Therapeutics by 15.8% during the second quarter. Geode Capital Management LLC now owns 1,227,232 shares of the company’s stock worth $18,373,000 after acquiring an additional 167,669 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Spyre Therapeutics by 300.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 223,320 shares of the company’s stock worth $3,343,000 after acquiring an additional 167,487 shares during the period. Finally, Nuveen LLC acquired a new position in Spyre Therapeutics in the 1st quarter valued at $2,261,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).