Spyre Therapeutics' (SYRE) Buy Rating Reiterated at BTIG Research

Key Points

• BTIG Research reiterated a “Buy” rating on Spyre Therapeutics with a $121 price target, implying 31.75% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $109.69, despite one sell rating.
• SYRE shares rose 3.2% to $91.84; the company recently beat quarterly EPS estimates, while insiders have sold approximately $16.6 million in stock over the past 90 days.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report)'s stock had its "buy" rating reissued by analysts at BTIG Research in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $121.00 price target on the stock. BTIG Research's target price suggests a potential upside of 31.75% from the company's previous close.

SYRE has been the topic of several other reports. Mizuho upped their price objective on Spyre Therapeutics from $84.00 to $120.00 and gave the company an "outperform" rating in a research note on Monday, July 13th. Deutsche Bank Aktiengesellschaft cut their target price on Spyre Therapeutics from $135.00 to $127.00 and set a "buy" rating for the company in a research report on Wednesday, August 26th. Wall Street Zen cut Spyre Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, August 16th. Wells Fargo & Company lifted their price objective on Spyre Therapeutics from $90.00 to $115.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Finally, Robert W. Baird set a $120.00 target price on shares of Spyre Therapeutics in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Spyre Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $109.69.

Spyre Therapeutics Trading Up 3.2%

NASDAQ:SYRE traded up $2.86 during trading hours on Tuesday, hitting $91.84. 453,974 shares of the company traded hands, compared to its average volume of 1,080,983. Spyre Therapeutics has a twelve month low of $14.51 and a twelve month high of $110.18. The firm has a 50-day moving average of $98.03 and a 200 day moving average of $75.27. The stock has a market capitalization of $8.08 billion, a price-to-earnings ratio of -46.85 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating analysts' consensus estimates of ($0.76) by $0.40. Equities research analysts predict that Spyre Therapeutics will post -2.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Scott L. 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 value of $1,629,029.20. Following the completion of the transaction, the chief financial officer owned 79,762 shares of the company's stock, valued at $7,126,734.70. The trade was a 18.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 the business's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $87.29, for a total value of $1,309,350.00. Following the completion of the transaction, the chief executive officer directly owned 552,540 shares of the company's stock, valued at approximately $48,231,216.60. The trade was a 2.64% 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. Over the last ninety days, insiders have sold 180,465 shares of company stock worth $16,638,714. Company insiders own 15.69% of the company's stock.

Institutional Investors Weigh In On Spyre Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Spyre Therapeutics by 32.3% during the fourth quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company's stock worth $132,189,000 after buying an additional 984,344 shares in the last quarter. Seven Grand Managers LLC bought a new position in Spyre Therapeutics in the fourth quarter valued at $3,276,000. Capital International Investors grew its holdings in shares of Spyre Therapeutics by 46.0% in the 4th quarter. Capital International Investors now owns 3,492,541 shares of the company's stock valued at $114,416,000 after acquiring an additional 1,100,000 shares in the last quarter. UBS Group AG boosted its position in Spyre Therapeutics by 76.5% during the fourth quarter. UBS Group AG now owns 680,566 shares of the company's stock valued at $22,295,000 after purchasing an additional 294,977 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in shares of Spyre Therapeutics during the 2nd quarter worth approximately $2,308,000. 80.39% of the stock is owned by institutional investors.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of novel immunotherapies for cancer. The company leverages proprietary protein engineering and biologics design platforms to create targeted molecules intended to enhance anti-tumor immune responses and inhibit tumor growth. Its preclinical pipeline comprises multiple candidate therapies for solid tumor and hematologic oncology indications.

Established by a team with deep expertise in protein design, immunology and translational research, Spyre Therapeutics collaborates with leading academic institutions and research organizations to accelerate its discovery efforts.

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