Spyre Therapeutics, Inc. (NASDAQ:SYRE) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts rate Spyre Therapeutics “Moderate Buy,” with 12 buy ratings, one strong buy, one hold and one sell among 15 firms. The average 12-month price target is $109.69, above the recent $90.80 share price.
• Recent analyst actions were largely positive, with Mizuho, Wells Fargo, Wedbush and BTIG raising or reaffirming favorable ratings and price targets ranging from $115 to $123.
• Insiders sold approximately $16.6 million of stock over the past three months, primarily through pre-arranged Rule 10b5-1 plans, while institutional investors own 80.39% of the company. Spyre also exceeded quarterly EPS expectations, reporting a loss of $0.36 per share versus the estimated $0.76 loss.

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the fifteen brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $109.6923.

A number of brokerages recently issued reports on SYRE. Weiss Ratings reiterated a "sell (d-)" rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. Mizuho lifted their price target 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. Wells Fargo & Company boosted their price objective on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Wedbush reaffirmed an "outperform" rating and set a $123.00 price objective on shares of Spyre Therapeutics in a report on Wednesday, September 9th. Finally, BTIG Research reiterated a "buy" rating and issued a $121.00 target price on shares of Spyre Therapeutics in a research note on Tuesday, September 8th.

Insider Activity

In other news, CFO Scott Burrows sold 18,232 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $89.35, for a total value of $1,629,029.20. Following the sale, the chief financial officer directly owned 79,762 shares of the company's stock, valued at approximately $7,126,734.70. This trade represents a 18.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through 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, insider Heidy King-Jones sold 400 shares of the firm'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 completion of the sale, the insider directly owned 2,845 shares in the company, valued at $256,050. This trade represents a 12.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 180,465 shares of company stock valued at $16,638,714 over the last three months. 15.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in shares of Spyre Therapeutics by 26.8% in 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 acquired a new stake in Spyre Therapeutics in the 2nd quarter valued at about $31,000. Optimize Financial Inc increased its position in Spyre Therapeutics by 1.5% in the 4th quarter. Optimize Financial Inc now owns 25,331 shares of the company's stock valued at $830,000 after acquiring an additional 364 shares in the last quarter. Summit Securities Group LLC bought a new position in Spyre Therapeutics in the first quarter valued at approximately $28,000. Finally, Royal Bank of Canada grew its holdings in Spyre Therapeutics by 63.5% during the 1st quarter. Royal Bank of Canada now owns 3,250 shares of the company's stock worth $164,000 after acquiring an additional 1,262 shares during the period. Institutional investors own 80.39% of the company's stock.

Spyre Therapeutics Stock Up 0.2%

Shares of NASDAQ:SYRE opened at $90.80 on Tuesday. The company's fifty day moving average is $98.19 and its two-hundred day moving average is $76.98. The company has a market cap of $7.98 billion, a P/E ratio of -46.56 and a beta of 2.99. Spyre Therapeutics has a 12-month low of $14.51 and a 12-month high of $110.18.

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 (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.40. Equities research analysts anticipate that Spyre Therapeutics will post -2.71 earnings per share for the current year.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation antibody therapies for inflammatory bowel disease (IBD), including Crohn's disease and ulcerative colitis. The company's approach is designed to address significant treatment needs in chronic immune-mediated conditions through therapies with potentially improved efficacy, durability and dosing convenience.

Spyre's pipeline includes investigational antibody programs targeting biological pathways associated with IBD, including interleukin-23 (IL-23), TL1A and integrin-mediated immune activity.

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