Spyre Therapeutics (NASDAQ:SYRE) CFO Scott Burrows Sells 18,232 Shares of Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) CFO Scott Burrows sold 18,232 shares of Spyre Therapeutics stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the sale, the chief financial officer directly owned 79,762 shares of the company’s stock, valued at $7,126,734.70. This represents a 18.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Spyre Therapeutics Stock Up 0.2%

NASDAQ:SYRE opened at $87.25 on Friday. Spyre Therapeutics, Inc. has a 12-month low of $14.51 and a 12-month high of $110.18. The firm has a market capitalization of $7.67 billion, a P/E ratio of -44.74 and a beta of 2.99. The stock’s fifty day simple moving average is $98.03 and its 200-day simple moving average is $74.53.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.40. As a group, equities research analysts expect that Spyre Therapeutics, Inc. will post -2.62 earnings per share for the current year.

More Spyre Therapeutics News

Here are the key news stories impacting Spyre Therapeutics this week:

• Positive Sentiment: Management will participate in the Citi BioPharma Back to School Conference on September 9, the Wells Fargo Healthcare Conference on September 10, and the Stifel Immunology and Inflammation Forum on September 23. Investor meetings and fireside chats could provide updates on Spyre’s clinical pipeline and development plans, potentially helping restore investor confidence. Spyre Therapeutics to Participate in Upcoming September Investor Conferences
• Neutral Sentiment: Spyre’s chief executive, chief financial officer and insider Heidy King-Jones collectively reported sales of approximately 69,000 shares during September 1–2. The transactions were made under pre-arranged Rule 10b5-1 plans, reducing their significance as discretionary signals about the company’s outlook.
• Negative Sentiment: The insider selling is nevertheless a potential overhang. CEO Cameron Turtle sold 15,000 shares, while CFO Scott Burrows sold 25,732 shares in two transactions. Burrows said his sales were made to cover tax-withholding obligations tied to vested equity awards. King-Jones sold 28,399 shares and was left with a substantially smaller position, which could reinforce concerns about insider confidence even though the sales were prearranged. CEO SEC filing CFO SEC filing
• Negative Sentiment: A Zacks review notes that SYRE has declined 16.6% since its latest earnings report, indicating that investors remain cautious following the quarterly update and are looking for new clinical or corporate catalysts before bidding the stock higher. Spyre Therapeutics Down 16.6% Since Last Earnings Report

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC increased its stake in Spyre Therapeutics by 26.8% during the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock worth $59,000 after purchasing an additional 140 shares in the last quarter. Optimize Financial Inc lifted its stake in Spyre Therapeutics by 1.5% in the fourth quarter. Optimize Financial Inc now owns 25,331 shares of the company’s stock valued at $830,000 after buying an additional 364 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in Spyre Therapeutics by 0.5% in the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company’s stock valued at $1,788,000 after buying an additional 522 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of Spyre Therapeutics in the first quarter valued at approximately $28,000. Finally, California State Teachers Retirement System boosted its holdings in shares of Spyre Therapeutics by 1.8% in the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock valued at $497,000 after buying an additional 603 shares during the period. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SYRE has been the topic of a number of analyst reports. Wall Street Zen downgraded shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, August 16th. BTIG Research decreased their price objective on shares of Spyre Therapeutics from $132.00 to $121.00 and set a “buy” rating for the company in a report on Wednesday, August 26th. Wedbush lowered their target price on shares of Spyre Therapeutics from $130.00 to $123.00 and set an “outperform” rating for the company in a research note on Wednesday, August 26th. Wolfe Research lowered shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a report on Tuesday, July 28th. Finally, Robert W. Baird set a $120.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $109.69.

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.