Spyre Therapeutics (NASDAQ:SYRE) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Spyre Therapeutics (NASDAQ:SYRE) from a hold rating to a sell rating in a report published on Saturday.

Several other equities analysts have also recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Wednesday, October 8th. Wedbush reissued an “outperform” rating and issued a $65.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. Deutsche Bank Aktiengesellschaft initiated coverage on Spyre Therapeutics in a report on Friday, September 26th. They set a “buy” rating and a $43.00 price target on the stock. Finally, BTIG Research restated a “buy” rating and set a $70.00 price objective on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $52.50.

Spyre Therapeutics Price Performance

Shares of NASDAQ:SYRE opened at $22.18 on Friday. The stock’s 50 day moving average price is $19.12 and its 200 day moving average price is $17.01. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -6.52 and a beta of 2.99. Spyre Therapeutics has a 12 month low of $10.91 and a 12 month high of $40.26.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Tuesday, November 4th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.68) by $0.53. On average, sell-side analysts expect that Spyre Therapeutics will post -4.46 EPS for the current year.

Insider Buying and Selling

In other Spyre Therapeutics news, CEO Cameron Turtle sold 45,000 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $23.33, for a total value of $1,049,850.00. Following the transaction, the chief executive officer owned 701,907 shares of the company’s stock, valued at approximately $16,375,490.31. This represents a 6.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Scott L. Burrows sold 18,428 shares of Spyre Therapeutics stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total transaction of $299,639.28. Following the transaction, the chief financial officer directly owned 97,994 shares in the company, valued at $1,593,382.44. The trade was a 15.83% decrease in their position. The disclosure for this sale is available in the SEC filing. 15.43% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SYRE. California State Teachers Retirement System increased its stake in shares of Spyre Therapeutics by 1.8% during the 2nd quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock worth $497,000 after purchasing an additional 603 shares during the last quarter. F m Investments LLC increased its position in Spyre Therapeutics by 1.4% during the second quarter. F m Investments LLC now owns 52,546 shares of the company’s stock worth $787,000 after buying an additional 702 shares during the last quarter. AlphaQuest LLC raised its stake in Spyre Therapeutics by 30.8% in the second quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock valued at $62,000 after buying an additional 983 shares during the period. Ameritas Investment Partners Inc. lifted its position in shares of Spyre Therapeutics by 25.8% in the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after buying an additional 1,045 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Spyre Therapeutics by 9.7% in the second quarter. ProShare Advisors LLC now owns 12,479 shares of the company’s stock valued at $187,000 after buying an additional 1,101 shares during the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).