Spyre Therapeutics (NASDAQ:SYRE) Reaches New 12-Month High – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $29.13 and last traded at $29.2750, with a volume of 336398 shares traded. The stock had previously closed at $26.97.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SYRE shares. BTIG Research reaffirmed a “buy” rating and set a $70.00 target price on shares of Spyre Therapeutics in a research note on Tuesday, September 16th. Wall Street Zen raised shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Wedbush restated an “outperform” rating and set a $65.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Spyre Therapeutics in a report on Friday, September 26th. They issued a “buy” rating and a $43.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $50.00.

Spyre Therapeutics Trading Up 1.9%

The stock has a 50-day moving average of $21.24 and a two-hundred day moving average of $17.90. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -8.75 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.53. Sell-side analysts expect that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, CEO Cameron Turtle sold 45,000 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $23.33, for a total transaction of $1,049,850.00. Following the sale, the chief executive officer directly owned 701,907 shares of the company’s stock, valued at $16,375,490.31. The trade was a 6.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott L. Burrows sold 18,428 shares of the stock in a transaction 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 completion of the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at $1,593,382.44. The trade was a 15.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 15.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC lifted its stake in Spyre Therapeutics by 357.8% in the 2nd quarter. CWM LLC now owns 1,712 shares of the company’s stock worth $26,000 after acquiring an additional 1,338 shares in the last quarter. AlphaQuest LLC grew its stake in Spyre Therapeutics by 45.2% during the 1st quarter. AlphaQuest LLC now owns 3,191 shares of the company’s stock valued at $51,000 after acquiring an additional 993 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after purchasing an additional 4,092 shares during the period. Ameritas Investment Partners Inc. lifted its position in shares of Spyre Therapeutics by 25.8% in the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock worth $76,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Spyre Therapeutics by 182.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after purchasing an additional 3,725 shares in the last quarter. Hedge funds and other institutional investors 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).