Spyre Therapeutics (NASDAQ:SYRE) Stock Rated Overweight in New Coverage at JPMorgan Chase & Co.

Key Points

• JPMorgan initiated coverage of Spyre Therapeutics with an “overweight” rating and a $110 price target, implying approximately 23.6% upside from the reported share price.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $109.71; targets from other firms range as high as $130.
• Spyre shares rose 5.1% in trading, while the company’s latest quarterly loss of $0.36 per share was narrower than analysts’ expected loss of $0.76. Insiders have sold roughly $10.6 million of stock over the past 90 days, largely under pre-arranged plans.

JPMorgan Chase & Co. assumed coverage on shares of Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) in a research note issued on Thursday, Briefing.com reports. The brokerage set an "overweight" rating and a $110.00 price target on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 23.55% from the stock's current price.

SYRE has been the topic of a number of other reports. BTIG Research reaffirmed a "buy" rating and issued a $121.00 price objective on shares of Spyre Therapeutics in a research note on Tuesday, September 8th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Spyre Therapeutics from $135.00 to $127.00 and set a "buy" rating for the company in a research report on Wednesday, August 26th. Wells Fargo & Company raised their price target on Spyre Therapeutics from $90.00 to $115.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Wolfe Research cut Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, July 28th. Finally, Guggenheim upped their price objective on Spyre Therapeutics from $115.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $109.71.

Spyre Therapeutics Trading Up 5.1%

Spyre Therapeutics stock opened at $89.03 on Thursday. Spyre Therapeutics has a 1 year low of $15.86 and a 1 year high of $110.18. The company has a market cap of $7.83 billion, a PE ratio of -45.66 and a beta of 2.99. The company's 50-day moving average is $96.09 and its two-hundred day moving average is $81.00.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.40. Research analysts forecast that Spyre Therapeutics will post -2.71 EPS for the current year.

Insider Activity

In other news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction on Tuesday, September 1st. The shares were 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 of the company's stock, valued at $48,231,216.60. This trade represents a 2.64% decrease in their ownership of the stock. The sale 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, CFO Scott Burrows sold 18,232 shares of the business's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the completion of the transaction, the chief financial officer directly owned 79,762 shares of the company's stock, valued at $7,126,734.70. This trade represents a 18.61% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 114,631 shares of company stock valued at $10,627,472. 15.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC bought a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $31,000. Summit Securities Group LLC acquired a new position in shares of Spyre Therapeutics in the first quarter valued at approximately $28,000. GAMMA Investing LLC boosted its holdings in shares of Spyre Therapeutics by 26.8% in the second quarter. GAMMA Investing LLC now owns 663 shares of the company's stock valued at $59,000 after buying an additional 140 shares during the period. KBC Group NV bought a new stake in shares of Spyre Therapeutics during the first quarter worth $69,000. Finally, Nykredit A S acquired a new stake in shares of Spyre Therapeutics during the second quarter worth $173,000. 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 antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn's disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre's pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).

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