Spyre Therapeutics (NASDAQ:SYRE) Stock Rating Upgraded by UBS Group

Key Points

• UBS Group upgraded Spyre Therapeutics to “strong buy,” adding to a generally positive analyst outlook. The stock has a “Moderate Buy” consensus rating and an average price target of $110.40.
• Spyre shares opened at $80.45, with a one-year range of $18.71 to $110.18 and an $8.2 billion market capitalization. The company recently reported a quarterly loss of $0.36 per share, beating the consensus estimate of a $0.76 loss.
• Insiders have sold 183,564 shares worth approximately $16.9 million over the past 90 days, while institutional investors own 80.39% of the stock.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) was upgraded by UBS Group to a "strong-buy" rating in a research note issued to investors on Sunday, Zacks reports.

Other analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Spyre Therapeutics from $135.00 to $127.00 and set a "buy" rating on the stock in a research report on Wednesday, August 26th. Wall Street Zen upgraded shares of Spyre Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, October 3rd. Mizuho increased their target price on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. Robert W. Baird set a $120.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. started coverage on Spyre Therapeutics in a research report on Thursday, October 1st. They set an "overweight" rating and a $110.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Spyre Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $110.40.

Spyre Therapeutics Stock Performance

Shares of Spyre Therapeutics stock opened at $80.45 on Friday. Spyre Therapeutics has a one year low of $18.71 and a one year high of $110.18. The company has a 50-day simple moving average of $93.47 and a two-hundred day simple moving average of $83.70. The company has a market capitalization of $8.20 billion, a PE ratio of -41.26 and a beta of 3.10.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.76) by $0.40. On average, equities analysts predict that Spyre Therapeutics will post -2.71 earnings per share for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 18,232 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the sale, the chief financial officer owned 79,762 shares in the company, valued at approximately $7,126,734.70. This represents a 18.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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. Also, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $92.01, for a total value of $1,380,150.00. Following the sale, the chief executive officer 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. 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 90 days, insiders have sold 183,564 shares of company stock valued at $16,903,193. Insiders own 15.69% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC acquired a new stake in shares of Spyre Therapeutics in the second quarter worth approximately $31,000. Summit Securities Group LLC purchased a new stake in Spyre Therapeutics during the first quarter valued at about $28,000. GAMMA Investing LLC grew its position in 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 acquiring an additional 140 shares during the period. KBC Group NV purchased a new position in shares of Spyre Therapeutics in the 1st quarter worth about $69,000. Finally, Nykredit A S purchased a new stake in shares of Spyre Therapeutics during the 2nd quarter worth about $173,000. 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 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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