Spyre Therapeutics, Inc. (NASDAQ:SYRE) Receives $95.83 Average Price Target from Analysts

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have received a consensus rating of “Buy” from the thirteen analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, ten have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $95.8333.

Several research firms have recently weighed in on SYRE. Robert W. Baird raised their price objective on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, April 14th. Leerink Partners raised their price target on Spyre Therapeutics from $49.00 to $106.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Jefferies Financial Group lifted 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Thursday, June 4th. Finally, 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 note on Tuesday, April 14th.

Insider Activity

In related news, insider Sheldon Sloan sold 78,333 shares of the firm’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $71.50, for a total transaction of $5,600,809.50. Following the sale, the insider directly owned 78,333 shares in the company, valued at $5,600,809.50. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Thomas Henderson sold 80,000 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $74.40, for a total transaction of $5,952,000.00. Following the sale, the director owned 88,606 shares of the company’s stock, valued at approximately $6,592,286.40. This represents a 47.45% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 282,500 shares of company stock worth $21,741,101 over the last quarter. Corporate insiders own 15.69% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Summit Securities Group LLC bought a new stake in shares of Spyre Therapeutics in the first quarter valued at about $28,000. KBC Group NV bought a new position in Spyre Therapeutics during the first quarter worth about $69,000. Persistent Asset Partners Ltd acquired a new stake in Spyre Therapeutics in the 4th quarter worth about $74,000. ABS Direct Equity Fund LLC acquired a new stake in Spyre Therapeutics in the 1st quarter worth about $141,000. Finally, Royal Bank of Canada boosted its holdings in Spyre Therapeutics by 63.5% in the 1st quarter. Royal Bank of Canada now owns 3,250 shares of the company’s stock valued at $164,000 after purchasing an additional 1,262 shares during the period. 80.39% of the stock is owned by institutional investors and hedge funds.

Spyre Therapeutics Price Performance

Spyre Therapeutics stock opened at $86.99 on Thursday. The company has a market capitalization of $7.65 billion, a PE ratio of -41.85 and a beta of 3.02. Spyre Therapeutics has a one year low of $14.51 and a one year high of $102.06. The business has a 50 day simple moving average of $78.43 and a 200 day simple moving average of $54.32.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.08). Equities analysts anticipate that Spyre Therapeutics will post -2.86 earnings per share for the current fiscal year.

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.