Spyre Therapeutics (NASDAQ:SYRE) Price Target Raised to $106.00

Spyre Therapeutics (NASDAQ:SYRE) had its price objective raised by equities research analysts at Leerink Partners from $49.00 to $106.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Leerink Partners’ target price indicates a potential upside of 67.56% from the company’s current price.

Several other analysts have also weighed in on the company. BTIG Research upped their target price on Spyre Therapeutics from $70.00 to $98.00 and gave the company a “buy” rating in a report on Monday. Citigroup began coverage on Spyre Therapeutics in a report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price on the stock. Wedbush reissued an “outperform” rating on shares of Spyre Therapeutics in a report on Monday. Wells Fargo & Company upped their target price on Spyre Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Finally, Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Spyre Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

Spyre Therapeutics Price Performance

Spyre Therapeutics stock traded up $11.97 during trading hours on Monday, hitting $63.26. The stock had a trading volume of 4,640,866 shares, compared to its average volume of 794,354. The stock has a market capitalization of $4.97 billion, a price-to-earnings ratio of -30.26 and a beta of 2.93. Spyre Therapeutics has a 1-year low of $12.04 and a 1-year high of $75.00. The stock’s fifty day moving average is $41.82 and its two-hundred day moving average is $32.41.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Thursday, February 19th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.04). As a group, sell-side analysts anticipate that Spyre Therapeutics will post -4.46 EPS for the current year.

Insider Activity at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $49.33, for a total transaction of $739,950.00. Following the sale, the chief executive officer owned 627,540 shares of the company’s stock, valued at $30,956,548.20. This trade represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $49.34, for a total value of $370,050.00. Following the sale, the chief financial officer directly owned 97,994 shares in the company, valued at approximately $4,835,023.96. The trade was a 7.11% 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 a total of 62,958 shares of company stock valued at $2,734,375 over the last quarter. Insiders own 6.20% of the company’s stock.

Institutional Trading of Spyre Therapeutics

A number of large investors have recently made changes to their positions in the stock. Optimize Financial Inc boosted its stake in shares of Spyre Therapeutics by 1.5% during the fourth quarter. Optimize Financial Inc now owns 25,331 shares of the company’s stock valued at $830,000 after acquiring an additional 364 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its position in Spyre Therapeutics by 0.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company’s stock worth $1,788,000 after buying an additional 522 shares during the period. California State Teachers Retirement System lifted its position in Spyre Therapeutics by 1.8% during the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock worth $497,000 after buying an additional 603 shares during the period. AQR Capital Management LLC lifted its position in Spyre Therapeutics by 4.5% during the fourth quarter. AQR Capital Management LLC now owns 17,820 shares of the company’s stock worth $584,000 after buying an additional 773 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its position in Spyre Therapeutics by 1.1% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 110,456 shares of the company’s stock worth $1,851,000 after buying an additional 1,172 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of novel immunotherapies for cancer. The company leverages proprietary protein engineering and biologics design platforms to create targeted molecules intended to enhance anti-tumor immune responses and inhibit tumor growth. Its preclinical pipeline comprises multiple candidate therapies for solid tumor and hematologic oncology indications.

Established by a team with deep expertise in protein design, immunology and translational research, Spyre Therapeutics collaborates with leading academic institutions and research organizations to accelerate its discovery efforts.