BTIG Research Reaffirms Buy Rating for Spyre Therapeutics (NASDAQ:SYRE)

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reiterated by research analysts at BTIG Research in a report released on Monday, Benzinga reports. They currently have a $121.00 target price on the stock. BTIG Research‘s price objective would indicate a potential upside of 30.10% from the stock’s current price.

A number of other research firms have also recently weighed in on SYRE. JPMorgan Chase & Co. began coverage on Spyre Therapeutics in a report on Thursday, October 1st. They set an “overweight” rating and a $110.00 price target for the company. Wells Fargo & Company boosted their price objective on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Guggenheim upped their target price on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. UBS Group initiated coverage on shares of Spyre Therapeutics in a research note on Sunday, October 11th. They set a “buy” rating and a $120.00 target price for the company. Finally, Wedbush reiterated an “outperform” rating and set a $123.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, September 9th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $110.40.

Spyre Therapeutics Stock Performance

Shares of NASDAQ SYRE traded up $0.06 during midday trading on Monday, reaching $93.01. 164,437 shares of the stock were exchanged, compared to its average volume of 1,138,742. The company has a 50 day simple moving average of $91.13 and a 200 day simple moving average of $85.25. The stock has a market capitalization of $9.48 billion, a P/E ratio of -47.68 and a beta of 3.10. Spyre Therapeutics has a twelve month low of $21.15 and a twelve month high of $110.18.

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. On average, research analysts expect that Spyre Therapeutics will post -2.71 earnings per share for the current year.

Insider Activity

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $91.83, for a total transaction of $688,725.00. Following the completion of the transaction, the chief financial officer owned 79,762 shares in the company, valued at $7,324,544.46. The trade was a 8.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey W. Albers sold 18,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the director owned 9,360 shares in the company, valued at $978,588. The trade was a 65.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 183,564 shares of company stock valued at $16,903,193 over the last three months. 15.69% of the stock is currently owned by corporate insiders.

Institutional Trading of Spyre Therapeutics

Institutional investors have recently bought and sold shares of the business. Perceptive Advisors LLC increased its holdings in shares of Spyre Therapeutics by 23.3% in the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock valued at $190,826,000 after acquiring an additional 714,000 shares during the last quarter. Bank of America Corp DE lifted its stake in Spyre Therapeutics by 192.6% during the first quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after purchasing an additional 808,366 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Spyre Therapeutics during the third quarter worth approximately $53,349,000. Candriam S.C.A. boosted its holdings in Spyre Therapeutics by 43.4% in the first quarter. Candriam S.C.A. now owns 610,282 shares of the company’s stock valued at $30,783,000 after purchasing an additional 184,748 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Spyre Therapeutics in the second quarter valued at approximately $21,768,000. 80.39% of the stock is owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre’s investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.