Spyre Therapeutics (NASDAQ:SYRE) Stock Price Up 8.5% – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shot up 8.5% during mid-day trading on Friday . The company traded as high as $37.69 and last traded at $37.8160. 277,736 shares were traded during mid-day trading, a decline of 53% from the average session volume of 596,390 shares. The stock had previously closed at $34.84.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SYRE shares. BTIG Research restated a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a report on Friday, January 16th. Mizuho upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, December 18th. Jones Trading raised Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Monday, December 1st. Wall Street Zen raised Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $53.88.

Spyre Therapeutics Stock Up 5.1%

The company has a 50-day moving average price of $33.02 and a 200-day moving average price of $24.60. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of -16.73 and a beta of 3.15.

Insider Activity at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $32.80, for a total transaction of $492,000.00. Following the completion of the transaction, the chief executive officer directly owned 657,540 shares in the company, valued at $21,567,312. The trade was a 2.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 45,000 shares of company stock worth $1,387,500 in the last three months. 15.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC boosted its holdings in Spyre Therapeutics by 357.8% in the 2nd quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after purchasing an additional 1,338 shares during the period. AlphaQuest LLC raised its position in shares of Spyre Therapeutics by 30.8% during 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 last quarter. Russell Investments Group Ltd. lifted its stake in shares of Spyre Therapeutics by 2,881.7% in the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after buying an additional 4,092 shares during the period. Ameritas Investment Partners Inc. grew its position in Spyre Therapeutics by 25.8% during the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock worth $76,000 after buying an additional 1,045 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Spyre Therapeutics by 182.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after acquiring an additional 3,725 shares during the period. Institutional investors own 80.39% of the company’s stock.

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.