Insider Selling: Spyre Therapeutics (NASDAQ:SYRE) CEO Sells $1,315,350.00 in Stock

Spyre Therapeutics, Inc. (NASDAQ:SYRE) CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.69, for a total transaction of $1,315,350.00. Following the completion of the transaction, the chief executive officer directly owned 582,540 shares of the company’s stock, valued at approximately $51,082,932.60. The trade was a 2.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cameron Turtle also recently made the following trade(s):

• On Monday, June 1st, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The shares were sold at an average price of $70.43, for a total transaction of $1,056,450.00.
• On Friday, May 1st, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The stock was sold at an average price of $71.37, for a total transaction of $1,070,550.00.

Spyre Therapeutics Price Performance

Spyre Therapeutics stock opened at $86.63 on Friday. The firm has a market cap of $7.62 billion, a PE ratio of -41.65 and a beta of 3.02. Spyre Therapeutics, Inc. has a 52-week low of $14.51 and a 52-week high of $102.06. The company’s 50 day moving average is $78.04 and its two-hundred day moving average is $53.78.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). On average, equities research analysts anticipate that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Seven Fleet Capital Management LP acquired a new stake in Spyre Therapeutics in the first quarter valued at $993,000. Perceptive Advisors LLC boosted its position in shares of Spyre Therapeutics by 23.3% during the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after acquiring an additional 714,000 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Spyre Therapeutics by 192.6% in the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock valued at $61,945,000 after acquiring an additional 808,366 shares during the last quarter. Stempoint Capital LP increased its holdings in shares of Spyre Therapeutics by 417.7% in the 1st quarter. Stempoint Capital LP now owns 167,606 shares of the company’s stock valued at $8,454,000 after acquiring an additional 135,229 shares during the last quarter. Finally, ADAR1 Capital Management LLC raised its position in shares of Spyre Therapeutics by 893.6% during the 1st quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company’s stock worth $17,065,000 after acquiring an additional 304,272 shares in the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on SYRE shares. Wedbush reissued an “outperform” rating and set a $100.00 target price on shares of Spyre Therapeutics in a research note on Tuesday, June 16th. Wells Fargo & Company increased their price target on Spyre Therapeutics from $50.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, April 14th. BTIG Research lifted their price objective on Spyre Therapeutics from $98.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, June 15th. Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, April 26th. Finally, Jefferies Financial Group boosted their price objective on Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $95.83.

Spyre Therapeutics Company Profile

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.