Spyre Therapeutics, Inc. (NASDAQ:SYRE) Stock Has Consensus Target Price of $109.71 According to Analysts

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have received an average recommendation of “Moderate Buy” from the sixteen research firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $109.71.

A number of research firms have recently weighed in on SYRE. Wedbush reissued an “outperform” rating and set a $123.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, September 9th. Wells Fargo & Company increased their price target on Spyre Therapeutics from $90.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Wolfe Research downgraded Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 28th. Finally, Mizuho upped their price target on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th.

Spyre Therapeutics Stock Up 7.2%

NASDAQ SYRE opened at $85.69 on Friday. The stock has a market cap of $8.73 billion, a PE ratio of -43.94 and a beta of 3.10. The business has a 50 day moving average price of $94.15 and a two-hundred day moving average price of $82.86. Spyre Therapeutics has a fifty-two week low of $18.12 and a fifty-two week high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.40. Sell-side analysts anticipate that Spyre Therapeutics will post -2.71 EPS for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 18,232 shares of the business’s 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. The trade was a 18.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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. Also, Director Jeffrey W. Albers sold 18,000 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the sale, the director directly owned 9,360 shares of the company’s stock, valued at $978,588. This represents a 65.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 183,564 shares of company stock worth $16,903,193. 15.69% of the stock is currently owned by company insiders.

Institutional Trading of Spyre Therapeutics

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in shares of Spyre Therapeutics by 24.4% during the third quarter. GAMMA Investing LLC now owns 825 shares of the company’s stock worth $73,000 after purchasing an additional 162 shares during the period. Engineers Gate Manager LP acquired a new position in Spyre Therapeutics during the second quarter worth $3,416,000. Integrated Wealth Concepts LLC acquired a new position in shares of Spyre Therapeutics during the 2nd quarter valued at about $31,000. Maven Securities LTD acquired a new stake in shares of Spyre Therapeutics in the second quarter worth $3,551,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Spyre Therapeutics in the second quarter valued at about $12,394,000. Hedge funds and other institutional investors own 80.39% of the company’s stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre’s pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).