Wedbush Reiterates "Outperform" Rating for Spyre Therapeutics (NASDAQ:SYRE)

Key Points

• Wedbush reaffirmed an “Outperform” rating on Spyre Therapeutics with a $123 price target, implying approximately 35.5% upside from the reported $90.79 share price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $109.69, despite some recent downgrades and target-price reductions.
• Spyre reported quarterly EPS of -$0.36, beating the consensus estimate of -$0.76. Meanwhile, institutional ownership stands at 80.39%, while insiders sold roughly $16.6 million of stock over the past three months.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report)'s stock had its "outperform" rating reissued by stock analysts at Wedbush in a report released on Wednesday, Benzinga reports. They presently have a $123.00 price target on the stock. Wedbush's target price would suggest a potential upside of 35.48% from the stock's current price.

SYRE has been the topic of several other research reports. Wall Street Zen cut Spyre Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, August 16th. Deutsche Bank Aktiengesellschaft lowered their target price on Spyre Therapeutics from $135.00 to $127.00 and set a "buy" rating on the stock in a research note on Wednesday, August 26th. Guggenheim increased their price target on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Wolfe Research lowered shares of Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, July 28th. Finally, Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a report on Wednesday, August 5th. One equities research 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $109.69.

Spyre Therapeutics Stock Up 2.0%

NASDAQ SYRE opened at $90.79 on Wednesday. Spyre Therapeutics has a 52 week low of $14.51 and a 52 week high of $110.18. The business has a 50 day moving average price of $98.07 and a 200-day moving average price of $75.65. The company has a market cap of $7.98 billion, a price-to-earnings ratio of -46.56 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, beating analysts' consensus estimates of ($0.76) by $0.40. On average, equities research analysts anticipate that Spyre Therapeutics will post -2.62 earnings per share for the current year.

Insider Buying and Selling at Spyre Therapeutics

In other news, insider Heidy King-Jones sold 400 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $90.00, for a total value of $36,000.00. Following the sale, the insider owned 2,845 shares of the company's stock, valued at $256,050. The trade was a 12.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey W. Albers sold 18,000 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the sale, the director owned 9,360 shares in the company, valued at $978,588. The trade was a 65.79% 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 180,465 shares of company stock valued at $16,638,714 in the last three months. 15.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System raised its holdings in Spyre Therapeutics by 9,594.0% during the 2nd quarter. California State Teachers Retirement System now owns 5,742,912 shares of the company's stock valued at $509,856,000 after acquiring an additional 5,683,670 shares during the period. Perceptive Advisors LLC boosted its holdings in shares of Spyre Therapeutics by 149.6% in the fourth quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company's stock worth $100,548,000 after acquiring an additional 1,839,780 shares during the period. Janus Henderson Group PLC grew its position in shares of Spyre Therapeutics by 13,969.3% in the fourth quarter. Janus Henderson Group PLC now owns 1,829,009 shares of the company's stock valued at $59,918,000 after purchasing an additional 1,816,009 shares in the last quarter. RA Capital Management L.P. purchased a new position in shares of Spyre Therapeutics in the fourth quarter valued at $53,124,000. Finally, Remedium Capital Partners LLC bought a new stake in shares of Spyre Therapeutics during the 4th quarter valued at $47,706,000. 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 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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