Spyre Therapeutics (NASDAQ:SYRE) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Spyre Therapeutics to “sell” from “hold,” although the broader analyst consensus remains “Moderate Buy” with a $110.40 target price.
• SYRE opened at $96.56, near its 52-week high of $110.18, with a market capitalization of $9.84 billion; the company also beat quarterly EPS estimates, reporting a loss of $0.36 versus the expected loss of $0.76.
• Insiders have sold 183,564 shares worth about $16.9 million over the past 90 days, including sales by CEO Cameron Turtle and insider Heidy King-Jones under pre-arranged trading plans.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other research firms have also recently issued reports on SYRE. JPMorgan Chase & Co. assumed coverage on shares of Spyre Therapeutics in a research note on Thursday, October 1st. They issued an "overweight" rating and a $110.00 target price for the company. Guggenheim raised their price target on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Spyre Therapeutics in a research note on Tuesday, September 1st. UBS Group started coverage on shares of Spyre Therapeutics in a report on Sunday, October 11th. They issued a "buy" rating and a $120.00 price objective for the company. Finally, Robert W. Baird set a $120.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $110.40.

Spyre Therapeutics Stock Performance

Shares of SYRE opened at $96.56 on Friday. The company's 50 day moving average price is $90.06 and its 200 day moving average price is $72.85. Spyre Therapeutics has a 52 week low of $21.15 and a 52 week high of $110.18. The company has a market capitalization of $9.84 billion, a PE ratio of -49.52 and a beta of 3.10.

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 analysts' consensus estimates of ($0.76) by $0.40. On average, equities analysts forecast that Spyre Therapeutics will post -2.71 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Heidy King-Jones sold 28,933 shares of the firm's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $91.03, for a total value of $2,633,770.99. Following the transaction, the insider directly owned 2,845 shares in the company, valued at approximately $258,980.35. This trade represents a 91.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the business's stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $92.01, for a total transaction of $1,380,150.00. Following the transaction, the chief executive officer directly owned 537,540 shares of the company's stock, valued at approximately $49,459,055.40. This represents a 2.71% 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. Over the last 90 days, insiders have sold 183,564 shares of company stock valued at $16,903,193. 15.69% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Spyre Therapeutics during the 3rd quarter worth approximately $401,000. Profund Advisors LLC boosted its stake in Spyre Therapeutics by 36.0% in the 3rd quarter. Profund Advisors LLC now owns 26,406 shares of the company's stock valued at $2,351,000 after buying an additional 6,987 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its position in 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 acquiring an additional 1,800 shares during the period. China Universal Asset Management Co. Ltd. grew its position in Spyre Therapeutics by 16.4% in the third quarter. China Universal Asset Management Co. Ltd. now owns 16,088 shares of the company's stock valued at $1,363,000 after acquiring an additional 2,267 shares during the period. Finally, Moody Aldrich Partners LLC raised its stake in Spyre Therapeutics by 4.1% during the third quarter. Moody Aldrich Partners LLC now owns 44,195 shares of the company's stock worth $3,935,000 after acquiring an additional 1,737 shares in the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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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