Wedbush Has Lowered Expectations for Spyre Therapeutics (NASDAQ:SYRE) Stock Price

Key Points

• Wedbush cut its price target on Spyre Therapeutics from $123 to $120 but maintained an “outperform” rating, implying 23.41% potential upside from the prior close.
• Analyst views are mixed but broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $110.20. Spyre also missed quarterly EPS estimates, reporting a loss of $0.94 per share versus the expected $0.79 loss.
• Company insiders sold 161,064 shares worth about $14.8 million over the past 90 days; the reported sales were made under pre-arranged trading plans.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) had its price objective lowered by research analysts at Wedbush from $123.00 to $120.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price target points to a potential upside of 23.41% from the company's previous close.

Several other equities analysts have also recently issued reports on SYRE. JPMorgan Chase & Co. initiated coverage on shares of Spyre Therapeutics in a research note on Thursday, October 1st. They issued an "overweight" rating and a $110.00 price objective on the stock. Wall Street Zen lowered shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday. Guggenheim upped their price target on Spyre Therapeutics from $115.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft cut their price objective 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. Finally, Wells Fargo & Company raised their price objective on Spyre Therapeutics from $90.00 to $115.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $110.20.

Spyre Therapeutics Stock Down 2.0%

Shares of Spyre Therapeutics stock opened at $97.24 on Wednesday. The firm has a market cap of $9.91 billion, a price-to-earnings ratio of -50.32 and a beta of 3.24. The business has a fifty day simple moving average of $89.69 and a 200-day simple moving average of $73.50. Spyre Therapeutics has a fifty-two week low of $21.15 and a fifty-two week high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its earnings results on Tuesday, November 3rd. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.79) by ($0.15). Analysts anticipate that Spyre Therapeutics will post -2.71 earnings per share for the current fiscal year.

Insider Activity at Spyre Therapeutics

In other news, CFO Scott Burrows sold 7,500 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $91.83, for a total value of $688,725.00. Following the completion of the sale, the chief financial officer directly owned 79,762 shares of the company's stock, valued at $7,324,544.46. This represents a 8.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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. Also, insider Heidy King-Jones sold 28,933 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the sale, the insider owned 2,845 shares of the company's stock, valued at approximately $258,980.35. This represents a 91.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 161,064 shares of company stock valued at $14,753,768 over the last ninety days. 15.69% of the stock is owned by company insiders.

Institutional Trading of Spyre Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Summit Securities Group LLC acquired a new position in Spyre Therapeutics in the 1st quarter worth about $28,000. Integrated Wealth Concepts LLC bought a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at approximately $31,000. GAMMA Investing LLC increased its holdings in Spyre Therapeutics by 26.8% in the second quarter. GAMMA Investing LLC now owns 663 shares of the company's stock worth $59,000 after buying an additional 140 shares during the last quarter. KBC Group NV acquired a new position in Spyre Therapeutics in the first quarter worth approximately $69,000. Finally, IFP Advisors Inc raised its position in Spyre Therapeutics by 3,241.7% during the third quarter. IFP Advisors Inc now owns 802 shares of the company's stock valued at $71,000 after acquiring an additional 778 shares in the last quarter. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

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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