11,250 Shares in Spyre Therapeutics, Inc. $SYRE Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 11,250 shares of Spyre Therapeutics worth approximately $999,000 during the second quarter. Institutional investors collectively own 80.39% of SYRE, with several major funds significantly increasing their positions.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $109.69. Price targets range from $123 to $130 among several bullish analysts, although some firms recently downgraded the stock.
• SYRE opened at $90.60, compared with a 12-month range of $14.51 to $110.18. The company exceeded quarterly EPS expectations, reporting a loss of $0.36 per share versus the anticipated $0.76 loss, while insiders have sold approximately $16.6 million in shares over the past 90 days.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,250 shares of the company's stock, valued at approximately $999,000.

Other hedge funds have also added to or reduced their stakes in the company. California State Teachers Retirement System boosted its position in Spyre Therapeutics by 9,594.0% during the second quarter. California State Teachers Retirement System now owns 5,742,912 shares of the company's stock worth $509,856,000 after purchasing an additional 5,683,670 shares during the period. Perceptive Advisors LLC raised its position 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 valued at $100,548,000 after purchasing an additional 1,839,780 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Spyre Therapeutics by 13,969.3% during the 4th quarter. Janus Henderson Group PLC now owns 1,829,009 shares of the company's stock worth $59,918,000 after buying an additional 1,816,009 shares during the last quarter. RA Capital Management L.P. acquired a new stake in shares of Spyre Therapeutics during the 4th quarter worth about $53,124,000. Finally, Remedium Capital Partners LLC bought a new stake in shares of Spyre Therapeutics during the 4th quarter worth about $47,706,000. Institutional investors and hedge funds own 80.39% of the company's stock.

Wall Street Analyst Weigh In

SYRE has been the subject of several research reports. Deutsche Bank Aktiengesellschaft cut their price objective on shares of 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 downgraded Spyre Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, August 16th. Wolfe Research lowered Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, July 28th. Wedbush reissued an "outperform" rating and set a $123.00 price target on shares of Spyre Therapeutics in a report on Wednesday, September 9th. Finally, Guggenheim boosted their price target on Spyre Therapeutics from $115.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $109.69.

Spyre Therapeutics Price Performance

Shares of NASDAQ:SYRE opened at $90.60 on Monday. Spyre Therapeutics, Inc. has a 12-month low of $14.51 and a 12-month high of $110.18. The company's 50 day moving average price is $98.15 and its two-hundred day moving average price is $76.64. The firm has a market cap of $7.97 billion, a PE ratio of -46.46 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings results 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, research analysts expect that Spyre Therapeutics, Inc. will post -2.71 EPS for the current year.

Insider Activity

In other Spyre Therapeutics news, CFO Scott Burrows sold 18,232 shares of Spyre Therapeutics stock in a transaction on 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 completion of the transaction, the chief financial officer directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 Albers sold 18,000 shares of the company's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $104.55, for a total value of $1,881,900.00. Following the sale, the director owned 9,360 shares of the company's stock, valued at approximately $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. Over the last 90 days, insiders have sold 180,465 shares of company stock worth $16,638,714. 15.69% of the stock is currently owned by insiders.

Spyre Therapeutics 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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