Brokerages Set Spyre Therapeutics, Inc. (NASDAQ:SYRE) Price Target at $52.50

Spyre Therapeutics, Inc. (NASDAQ:SYRE) has been given an average recommendation of “Buy” by the nine research firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $52.50.

A number of analysts have recently issued reports on the stock. BTIG Research reiterated a “buy” rating and issued a $70.00 price objective on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wedbush reiterated an “outperform” rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a report on Wednesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Spyre Therapeutics in a report on Friday, September 26th. They issued a “buy” rating and a $43.00 price objective on the stock.

Spyre Therapeutics Stock Performance

Shares of SYRE stock opened at $24.57 on Friday. The company has a market capitalization of $1.48 billion, a P/E ratio of -7.23 and a beta of 2.90. The company’s 50 day moving average price is $17.78 and its two-hundred day moving average price is $16.27. Spyre Therapeutics has a 52 week low of $10.91 and a 52 week high of $40.26.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Tuesday, August 5th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.24. Analysts forecast 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 Spyre Therapeutics stock in a transaction that occurred on Tuesday, September 2nd. The shares were 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 trade represents a 15.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors have recently added to or reduced their stakes in SYRE. CWM LLC increased its holdings in Spyre Therapeutics by 357.8% during the second quarter. CWM LLC now owns 1,712 shares of the company’s stock worth $26,000 after buying an additional 1,338 shares during the last quarter. AlphaQuest LLC increased its holdings in Spyre Therapeutics by 45.2% during the first quarter. AlphaQuest LLC now owns 3,191 shares of the company’s stock worth $51,000 after buying an additional 993 shares during the last quarter. Ameritas Investment Partners Inc. increased its holdings in Spyre Therapeutics by 25.8% during the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock worth $76,000 after buying an additional 1,045 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in Spyre Therapeutics by 182.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after buying an additional 3,725 shares during the last quarter. Finally, Man Group plc acquired a new position in Spyre Therapeutics during the second quarter worth $162,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Spyre Therapeutics Company Profile

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).