Spyre Therapeutics (NASDAQ:SYRE) Rating Increased to Strong-Buy at Mizuho

Mizuho upgraded shares of Spyre Therapeutics (NASDAQ:SYRE) to a strong-buy rating in a research report sent to investors on Thursday morning,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft started coverage on Spyre Therapeutics in a report on Friday, September 26th. They issued a “buy” rating and a $43.00 price target on the stock. Jones Trading raised shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research note on Monday, December 1st. Citigroup began coverage on shares of Spyre Therapeutics in a research note on Wednesday. They set a “buy” rating and a $64.00 price target for the company. BTIG Research restated a “buy” rating and issued a $70.00 price objective on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Finally, Wall Street Zen raised shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Four investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Spyre Therapeutics has an average rating of “Buy” and an average target price of $53.88.

Spyre Therapeutics Price Performance

SYRE opened at $33.47 on Thursday. The stock has a market capitalization of $2.60 billion, a P/E ratio of -15.28 and a beta of 3.14. The company’s 50 day simple moving average is $26.36 and its 200-day simple moving average is $19.82. Spyre Therapeutics has a one year low of $10.91 and a one year high of $35.31.

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. As a group, analysts anticipate that Spyre Therapeutics will post -4.46 EPS for the current year.

Insider Transactions at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 45,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 701,907 shares in the company, valued at approximately $16,375,490.31. The trade was a 6.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 15.43% of the company’s stock.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC increased its position in shares of Spyre Therapeutics by 357.8% in the 2nd quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after buying an additional 1,338 shares in the last quarter. AlphaQuest LLC grew its stake in Spyre Therapeutics by 45.2% in the first quarter. AlphaQuest LLC now owns 3,191 shares of the company’s stock valued at $51,000 after acquiring an additional 993 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Spyre Therapeutics by 2,881.7% in the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after acquiring an additional 4,092 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings 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 acquiring an additional 1,045 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of 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 purchasing an additional 3,725 shares during the period. 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).