Spyre Therapeutics (NASDAQ:SYRE) Cut to “Peer Perform” at Wolfe Research

Wolfe Research downgraded shares of Spyre Therapeutics (NASDAQ:SYRE) from an outperform rating to a peer perform rating in a report released on Tuesday morning, Marketbeat Ratings reports.

Other equities research analysts have also recently issued research reports about the stock. Wedbush reiterated an “outperform” rating and set a $100.00 price objective on shares of Spyre Therapeutics in a research report on Tuesday, June 16th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Raymond James Financial initiated coverage on shares of Spyre Therapeutics in a report on Monday, April 13th. They issued a “strong-buy” rating and a $80.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Thursday, June 4th. Finally, Citigroup increased their price objective on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $101.42.

Spyre Therapeutics Trading Up 3.7%

NASDAQ:SYRE opened at $101.50 on Tuesday. Spyre Therapeutics has a 12-month low of $14.51 and a 12-month high of $105.09. The stock has a 50-day moving average price of $87.75 and a 200 day moving average price of $62.74. The stock has a market capitalization of $8.93 billion, a P/E ratio of -48.80 and a beta of 3.02.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.08). On average, research analysts predict that Spyre Therapeutics will post -2.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In related news, insider Sheldon Sloan sold 8,334 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $87.70, for a total value of $730,891.80. Following the sale, the insider owned 8,334 shares in the company, valued at approximately $730,891.80. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 15,000 shares of the company’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $87.13, for a total transaction of $1,306,950.00. Following the sale, the chief financial officer directly owned 97,994 shares in the company, valued at approximately $8,538,217.22. The trade was a 13.28% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 176,667 shares of company stock valued at $14,177,617. 15.69% of the stock is owned by company insiders.

Institutional Trading of Spyre Therapeutics

A number of large investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of Spyre Therapeutics by 26.8% during the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock valued at $59,000 after purchasing an additional 140 shares during the last quarter. Optimize Financial Inc boosted its stake in Spyre Therapeutics by 1.5% during the fourth quarter. Optimize Financial Inc now owns 25,331 shares of the company’s stock worth $830,000 after buying an additional 364 shares during the period. Mercer Global Advisors Inc. ADV boosted its stake 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. Summit Securities Group LLC bought a new position in Spyre Therapeutics during the first quarter valued at $28,000. Finally, California State Teachers Retirement System increased 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 valued at $497,000 after acquiring an additional 603 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors.

About Spyre Therapeutics

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.