Spyre Therapeutics, Inc. (NASDAQ:SYRE) Stock Has Average Price Target of $110.40 According to Brokerages

Key Points

• Analyst sentiment is broadly positive: Spyre Therapeutics has a “Moderate Buy” consensus from 17 brokerages, with an average 12-month price target of $110.40. Thirteen analysts rate it Buy and two Strong Buy.
• The company reported a quarterly loss of $0.94 per share, missing the consensus estimate of a $0.79 loss. Shares opened at $99.27 and were up 3.9% in Wednesday trading.
• Insiders sold 161,064 shares worth about $14.8 million over the past quarter; the article notes that the highlighted sales were made under pre-arranged trading plans. Institutional investors own 80.39% of the stock.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) has earned an average rating of "Moderate Buy" from the seventeen brokerages that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $110.40.

Several research firms have commented on SYRE. JPMorgan Chase & Co. initiated coverage on shares of Spyre Therapeutics in a research report on Thursday, October 1st. They issued an "overweight" rating and a $110.00 target price for the company. UBS Group started coverage on Spyre Therapeutics in a report on Sunday, October 11th. They issued a "buy" rating and a $120.00 price objective for the company. Wells Fargo & Company lifted their target price on Spyre Therapeutics from $90.00 to $115.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Wolfe Research lowered 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 target on Spyre Therapeutics in a research report on Wednesday, August 5th.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 18,232 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the transaction, the chief financial officer 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 position. The transaction 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, Director Jeffrey W. Albers sold 18,000 shares of the business's stock in a transaction dated Friday, August 7th. The stock was 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. This trade represents a 65.79% decrease in their ownership of the stock. 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. Over the last quarter, insiders have sold 161,064 shares of company stock worth $14,753,768. 15.69% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SYRE. AlphaCentric Advisors LLC increased its position in shares of Spyre Therapeutics by 4.3% during the 3rd quarter. AlphaCentric Advisors LLC now owns 6,956 shares of the company's stock valued at $619,000 after purchasing an additional 286 shares during the period. Parallel Advisors LLC raised its stake in shares of Spyre Therapeutics by 116.7% in the 3rd quarter. Parallel Advisors LLC now owns 1,560 shares of the company's stock worth $139,000 after buying an additional 840 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Spyre Therapeutics in the 3rd quarter worth $401,000. Profund Advisors LLC lifted its holdings in shares of Spyre Therapeutics by 36.0% in the third quarter. Profund Advisors LLC now owns 26,406 shares of the company's stock valued at $2,351,000 after buying an additional 6,987 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Spyre Therapeutics by 16.0% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 13,050 shares of the company's stock valued at $1,162,000 after buying an additional 1,800 shares during the period. 80.39% of the stock is currently owned by institutional investors.

Spyre Therapeutics Trading Up 3.9%

Shares of NASDAQ SYRE opened at $99.27 on Wednesday. The company has a market cap of $10.12 billion, a price-to-earnings ratio of -50.91 and a beta of 3.24. The stock's 50 day simple moving average is $89.69 and its 200 day simple moving average is $73.50. Spyre Therapeutics has a 12-month low of $21.15 and a 12-month high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its earnings results on Tuesday, November 3rd. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.79) by ($0.15). As a group, equities analysts forecast that Spyre Therapeutics will post -2.71 earnings per share for the current fiscal year.

Spyre Therapeutics Company Profile

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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