ADAR1 Capital Management LLC Increases Stock Position in Spyre Therapeutics, Inc. $SYRE

ADAR1 Capital Management LLC increased its holdings in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 893.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 338,323 shares of the company's stock after purchasing an additional 304,272 shares during the quarter. Spyre Therapeutics accounts for 1.0% of ADAR1 Capital Management LLC's portfolio, making the stock its 21st biggest holding. ADAR1 Capital Management LLC owned about 0.39% of Spyre Therapeutics worth $17,065,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Spyre Therapeutics by 18.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company's stock worth $442,000 after buying an additional 4,277 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Spyre Therapeutics by 13.8% in the second quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company's stock worth $708,000 after purchasing an additional 5,723 shares in the last quarter. Rhumbline Advisers raised its holdings in Spyre Therapeutics by 30.6% during the second quarter. Rhumbline Advisers now owns 73,168 shares of the company's stock valued at $1,095,000 after acquiring an additional 17,145 shares during the period. New York State Common Retirement Fund raised its stake in Spyre Therapeutics by 61.4% during the 2nd quarter. New York State Common Retirement Fund now owns 16,565 shares of the company's stock valued at $248,000 after purchasing an additional 6,300 shares during the period. Finally, Invesco Ltd. raised its position in shares of Spyre Therapeutics by 37.6% during the second quarter. Invesco Ltd. now owns 34,680 shares of the company's stock valued at $519,000 after buying an additional 9,473 shares during the last quarter. Hedge funds and other institutional investors own 80.39% of the company's stock.

Insider Activity

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction on Monday, June 1st. The shares were sold at an average price of $70.43, for a total value of $1,056,450.00. Following the transaction, the chief executive officer directly owned 597,540 shares of the company's stock, valued at approximately $42,084,742.20. The trade was a 2.45% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 78,333 shares of Spyre Therapeutics stock in a transaction on Friday, May 1st. The stock was sold at an average price of $71.50, for a total transaction of $5,600,809.50. Following the completion of the transaction, the insider directly owned 78,333 shares in the company, valued at $5,600,809.50. This represents a 50.00% 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. In the last 90 days, insiders have sold 282,500 shares of company stock worth $21,741,101. Insiders own 15.69% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. BTIG Research boosted their target price on Spyre Therapeutics from $98.00 to $112.00 and gave the stock a "buy" rating in a research report on Monday, June 15th. Robert W. Baird raised their target price on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an "outperform" rating in a report on Tuesday, April 14th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. JonesTrading upped their price objective on Spyre Therapeutics from $64.00 to $95.00 and gave the company a "buy" rating in a research report on Friday, April 17th. Finally, Citigroup boosted their price objective on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $101.42.

Spyre Therapeutics Price Performance

Shares of SYRE stock opened at $99.96 on Wednesday. The stock's 50-day moving average is $86.68 and its 200 day moving average is $61.77. Spyre Therapeutics, Inc. has a 1-year low of $14.51 and a 1-year high of $105.09. The company has a market cap of $8.79 billion, a P/E ratio of -48.06 and a beta of 3.02.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.08). On average, analysts anticipate that Spyre Therapeutics, Inc. will post -2.86 EPS for the current year.

Spyre Therapeutics Profile

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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