Spyre Therapeutics (NASDAQ:SYRE) Price Target Lowered to $123.00 at Wedbush

Key Points

• Wedbush lowered Spyre Therapeutics’ price target to $123 from $130 while maintaining an “outperform” rating, implying 14.57% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average target price of $109.69, despite recent downgrades and target reductions from some firms.
• Spyre reported quarterly EPS of -$0.36, beating the consensus estimate of -$0.76. The stock opened at $107.36, near its 52-week high of $110.18, while insiders have sold $12.8 million of shares over the past 90 days.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) had its price objective cut by equities research analysts at Wedbush from $130.00 to $123.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Wedbush's price objective suggests a potential upside of 14.57% from the company's previous close.

A number of other equities analysts have also recently commented on SYRE. Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Wolfe Research lowered shares of Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, July 28th. Wall Street Zen cut shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 16th. BTIG Research reduced their target price on shares of Spyre Therapeutics from $132.00 to $121.00 and set a "buy" rating for the company in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft set a $127.00 price target on shares of Spyre Therapeutics in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Spyre Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $109.69.

Spyre Therapeutics Trading Up 0.7%

NASDAQ SYRE opened at $107.36 on Wednesday. The firm's fifty day moving average price is $98.16 and its two-hundred day moving average price is $71.79. Spyre Therapeutics has a 1 year low of $14.51 and a 1 year high of $110.18. The firm has a market capitalization of $9.44 billion, a P/E ratio of -55.06 and a beta of 3.03.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping analysts' consensus estimates of ($0.76) by $0.40. On average, research analysts anticipate that Spyre Therapeutics will post -2.62 EPS for the current fiscal year.

Insider Buying and Selling

In other Spyre Therapeutics news, Director Jeffrey W. Albers sold 5,000 shares of Spyre Therapeutics stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $104.47, for a total value of $522,350.00. Following the completion of the sale, the director owned 5,000 shares in the company, valued at $522,350. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $95.57, for a total transaction of $716,775.00. Following the transaction, the chief financial officer owned 97,994 shares in the company, valued at approximately $9,365,286.58. The trade was a 7.11% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 142,167 shares of company stock valued at $12,779,292 in the last 90 days. 15.69% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Several institutional investors have recently made changes to their positions in SYRE. Vanguard Group Inc. increased its position in shares of Spyre Therapeutics by 32.3% in the fourth quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company's stock worth $132,189,000 after purchasing an additional 984,344 shares during the period. Capital International Investors lifted its position in Spyre Therapeutics by 46.0% during the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company's stock worth $114,416,000 after purchasing an additional 1,100,000 shares during the period. Seven Grand Managers LLC acquired a new stake in Spyre Therapeutics during the fourth quarter worth about $3,276,000. UBS Group AG increased its holdings in Spyre Therapeutics by 76.5% in the 4th quarter. UBS Group AG now owns 680,566 shares of the company's stock valued at $22,295,000 after buying an additional 294,977 shares during the period. Finally, Handelsbanken Fonder AB bought a new position in Spyre Therapeutics in the 2nd quarter valued at about $2,308,000. 80.39% of the stock is currently owned by institutional investors.

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.

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