Spyre Therapeutics (NASDAQ:SYRE) Stock Gets Price Target Increase from Guggenheim

Key Points

• Guggenheim raised its price target on Spyre Therapeutics to $135 from $130 and maintained a Buy rating, implying 44.47% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus Moderate Buy rating and an average price target of $110.53.
• Shares fell 5.9% to $93.44 on Wednesday, and the company reported a quarterly loss of $0.94 per share, missing the $0.79 loss analysts expected.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) had its price target boosted by stock analysts at Guggenheim from $130.00 to $135.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Guggenheim's price objective would indicate a potential upside of 44.47% from the company's previous close.

Other equities analysts have also recently issued reports about the stock. BTIG Research reaffirmed a "buy" rating and issued a $121.00 target price on shares of Spyre Therapeutics in a report on Monday, October 19th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Spyre Therapeutics in a research note on Tuesday, September 1st. JPMorgan Chase & Co. began coverage on shares of Spyre Therapeutics in a research note on Thursday, October 1st. They set an "overweight" rating and a $110.00 price target for the company. Mizuho raised their price objective on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Finally, Wolfe Research lowered shares of Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Spyre Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $110.53.

Spyre Therapeutics Trading Down 5.9%

Shares of NASDAQ SYRE traded down $5.83 during trading hours on Wednesday, reaching $93.44. The stock had a trading volume of 236,207 shares, compared to its average volume of 1,121,019. The firm has a 50-day moving average of $89.69 and a 200-day moving average of $73.50. The firm has a market cap of $9.52 billion, a price-to-earnings ratio of -48.32 and a beta of 3.24. Spyre Therapeutics has a fifty-two week low of $21.15 and a fifty-two week high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.94) earnings per share for the quarter, missing analysts' consensus estimates of ($0.79) by ($0.15). On average, equities analysts predict that Spyre Therapeutics will post -2.71 EPS for the current year.

Insiders Place Their Bets

In other news, Director Jeffrey W. Albers sold 18,000 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the transaction, the director directly owned 9,360 shares of the company's stock, valued at $978,588. This represents a 65.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $87.29, for a total transaction of $1,309,350.00. Following the transaction, the chief executive officer directly owned 552,540 shares in the company, valued at approximately $48,231,216.60. This trade represents a 2.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 161,064 shares of company stock worth $14,753,768. 15.69% of the stock is owned by insiders.

Institutional Trading of Spyre Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. AlphaCentric Advisors LLC boosted its position in shares of Spyre Therapeutics by 4.3% in the 3rd quarter. AlphaCentric Advisors LLC now owns 6,956 shares of the company's stock worth $619,000 after buying an additional 286 shares in the last quarter. Parallel Advisors LLC increased its holdings in Spyre Therapeutics by 116.7% during the 3rd quarter. Parallel Advisors LLC now owns 1,560 shares of the company's stock valued at $139,000 after acquiring an additional 840 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Spyre Therapeutics during the 3rd quarter valued at about $401,000. Profund Advisors LLC raised its position in Spyre Therapeutics by 36.0% during the third quarter. Profund Advisors LLC now owns 26,406 shares of the company's stock worth $2,351,000 after acquiring an additional 6,987 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Spyre Therapeutics by 16.0% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 13,050 shares of the company's stock valued at $1,162,000 after purchasing an additional 1,800 shares in the last quarter. Hedge funds and other institutional investors own 80.39% of the company's stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn's disease and ulcerative colitis. The company's approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre's investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.

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