Spyre Therapeutics (NASDAQ:SYRE) Given "Buy" Rating at BTIG Research

Key Points

• BTIG Research reaffirmed its “Buy” rating on Spyre Therapeutics and set a $121 price target, implying approximately 29.9% upside from the prior close. The analyst consensus is “Moderate Buy,” with an average target of $109.71.
• Spyre shares rose 4.6% to $93.13, while the company reported a quarterly loss of $0.36 per share—better than the $0.76 consensus estimate. The stock has a market capitalization of about $8.19 billion.
• Insiders sold $10.6 million of shares over the past three months, including sales by the CEO under a pre-arranged Rule 10b5-1 plan. Institutional investors own approximately 80.4% of Spyre’s outstanding stock.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at BTIG Research in a report released on Thursday, Benzinga reports. They currently have a $121.00 price objective on the stock. BTIG Research's target price points to a potential upside of 29.92% from the company's previous close.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. assumed coverage on Spyre Therapeutics in a report on Thursday. They issued an "overweight" rating and a $110.00 price objective for the company. Wells Fargo & Company raised their target price on Spyre Therapeutics from $90.00 to $115.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Guggenheim raised their target price on Spyre Therapeutics from $115.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Wedbush restated an "outperform" rating and issued a $123.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, September 9th. Finally, Robert W. Baird set a $120.00 target price on Spyre Therapeutics in a research report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Spyre Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $109.71.

Spyre Therapeutics Stock Up 4.6%

SYRE traded up $4.10 during trading hours on Thursday, hitting $93.13. The stock had a trading volume of 534,409 shares, compared to its average volume of 1,100,915. The company's fifty day simple moving average is $96.09 and its 200 day simple moving average is $81.00. Spyre Therapeutics has a 1 year low of $15.86 and a 1 year high of $110.18. The stock has a market cap of $8.19 billion, a PE ratio of -47.26 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.40. As a group, equities analysts expect that Spyre Therapeutics will post -2.71 EPS for the current year.

Insider Transactions at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $87.29, for a total value of $1,309,350.00. Following the sale, the chief executive officer directly owned 552,540 shares of the company's stock, valued at approximately $48,231,216.60. This represents a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heidy King-Jones sold 400 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $90.00, for a total value of $36,000.00. Following the completion of the sale, the insider directly owned 2,845 shares in the company, valued at approximately $256,050. This represents a 12.33% decrease in their ownership of the stock. 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 sold 114,631 shares of company stock valued at $10,627,472 in the last three months. Company insiders own 15.69% of the company's stock.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors have recently modified their holdings of SYRE. GAMMA Investing LLC lifted its holdings in shares of Spyre Therapeutics by 26.8% during the second quarter. GAMMA Investing LLC now owns 663 shares of the company's stock valued at $59,000 after purchasing an additional 140 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Spyre Therapeutics during the second quarter valued at $31,000. Summit Securities Group LLC bought a new position in shares of Spyre Therapeutics during the first quarter valued at $28,000. Royal Bank of Canada lifted its holdings in shares of Spyre Therapeutics by 63.5% during the first 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 in the last quarter. Finally, KBC Group NV bought a new position in shares of Spyre Therapeutics during the first quarter valued at $69,000. 80.39% of the stock is owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

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).