Spyre Therapeutics, Inc. $SYRE Holdings Lowered by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE) by 46.2% in the first quarter, HoldingsChannel reports. The fund owned 491,649 shares of the company’s stock after selling 422,311 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Spyre Therapeutics were worth $24,799,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. increased its stake in shares of Spyre Therapeutics by 2,881.7% during the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after acquiring an additional 4,092 shares during the period. Persistent Asset Partners Ltd bought a new position in Spyre Therapeutics during the 4th quarter valued at $74,000. Tower Research Capital LLC TRC boosted its stake in Spyre Therapeutics by 182.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after purchasing an additional 3,725 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Spyre Therapeutics by 61.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock valued at $124,000 after purchasing an additional 1,435 shares during the period. Finally, Man Group plc acquired a new position in shares of Spyre Therapeutics during the 2nd quarter valued at $162,000. 80.39% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $70.43, for a total value of $1,056,450.00. Following the transaction, the chief executive officer owned 597,540 shares of the company’s stock, valued at approximately $42,084,742.20. This trade represents a 2.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 78,333 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $71.50, for a total value of $5,600,809.50. Following the sale, the insider owned 78,333 shares in the company, valued at approximately $5,600,809.50. The trade was a 50.00% decrease in their position. 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. Over the last quarter, insiders have sold 251,666 shares of company stock worth $19,036,810. Company insiders own 15.69% of the company’s stock.

Spyre Therapeutics Stock Performance

Shares of NASDAQ:SYRE opened at $88.89 on Thursday. Spyre Therapeutics, Inc. has a one year low of $14.51 and a one year high of $102.06. The stock has a fifty day moving average of $77.46 and a 200-day moving average of $53.17. The company has a market capitalization of $7.82 billion, a PE ratio of -42.74 and a beta of 3.01.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.08). As a group, research analysts forecast that Spyre Therapeutics, Inc. will post -2.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. JonesTrading upped their price objective on Spyre Therapeutics from $64.00 to $95.00 and gave the company a “buy” rating in a report on Friday, April 17th. Wells Fargo & Company lifted their target price on Spyre Therapeutics from $50.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, April 14th. Wedbush reiterated an “outperform” rating and issued a $100.00 price target on shares of Spyre Therapeutics in a research report on Tuesday, June 16th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Finally, Citigroup raised their price objective on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $95.83.

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.