Allianz Asset Management GmbH Takes Position in Spyre Therapeutics, Inc. $SYRE

Allianz Asset Management GmbH acquired a new position in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 14,100 shares of the company's stock, valued at approximately $1,252,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in Spyre Therapeutics by 26.8% in the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company's stock worth $59,000 after purchasing an additional 140 shares in the last quarter. Optimize Financial Inc raised its stake in Spyre Therapeutics by 1.5% in the 4th quarter. Optimize Financial Inc now owns 25,331 shares of the company's stock worth $830,000 after acquiring an additional 364 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its position in Spyre Therapeutics by 0.5% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company's stock worth $1,788,000 after acquiring an additional 522 shares during the period. Summit Securities Group LLC acquired a new stake in Spyre Therapeutics during the 1st quarter worth about $28,000. Finally, California State Teachers Retirement System grew its stake in Spyre Therapeutics by 1.8% during the 2nd quarter. California State Teachers Retirement System now owns 33,201 shares of the company's stock valued at $497,000 after purchasing an additional 603 shares during the last quarter. Hedge funds and other institutional investors own 80.39% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SYRE. Guggenheim boosted their price target on Spyre Therapeutics from $115.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Spyre Therapeutics from $135.00 to $127.00 and set a "buy" rating for the company in a research note on Wednesday, August 26th. Wolfe Research downgraded shares of Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a report on Tuesday, July 28th. Finally, Wedbush restated an "outperform" rating and set a $123.00 price target on shares of Spyre Therapeutics in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $109.69.

Spyre Therapeutics Price Performance

NASDAQ SYRE opened at $86.93 on Thursday. The firm's 50-day moving average is $98.03 and its two-hundred day moving average is $76.00. Spyre Therapeutics, Inc. has a 12 month low of $14.51 and a 12 month high of $110.18. The stock has a market capitalization of $7.64 billion, a P/E ratio of -44.58 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its earnings results 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. As a group, analysts anticipate that Spyre Therapeutics, Inc. will post -2.71 EPS for the current year.

Spyre Therapeutics News Roundup

Here are the key news stories impacting Spyre Therapeutics this week:

• Positive Sentiment: Positive Phase 2 SPY003 results: Spyre reported that its anti-IL-23 antibody, SPY003, met the primary endpoint in the SKYLINE ulcerative colitis study, delivering a statistically significant reduction in disease activity. The company characterized the results as potentially best-in-class and said they complete proof-of-concept for all three components of its planned IBD combination therapies. Spyre SPY003 SKYLINE trial announcement
• Positive Sentiment: Strategic pipeline validation: The SPY003 data strengthen Spyre’s multi-mechanism IBD platform by providing clinical validation for the third component of its combination approach. Additional reports described the results as a potentially important competitive milestone for the company. Zacks SPY003 ulcerative colitis study
• Positive Sentiment: Analysts remain bullish: Wedbush reaffirmed its “outperform” rating with a $123 price target, while BTIG reiterated its “buy” rating with a $121 target. Both targets indicate meaningful upside from the referenced $86.93 share price. Wedbush rating update BTIG rating update
• Positive Sentiment: Investor visibility: Spyre presented at Citigroup’s Biopharma Back to School Summit, giving management an opportunity to discuss the pipeline and recent SPY003 results with institutional investors. Spyre Citigroup summit transcript
• Neutral Sentiment: The favorable data are still from a Phase 2 study; further development, larger studies, regulatory review and commercial execution remain important risks. The supplied articles do not report a new negative development.

Insider Buying and Selling

In other news, CEO Cameron Turtle sold 15,000 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $87.29, for a total transaction of $1,309,350.00. Following the completion of the transaction, the chief executive officer directly owned 552,540 shares of the company's stock, valued at approximately $48,231,216.60. The trade was a 2.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 18,232 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief financial officer directly owned 79,762 shares in the company, valued at approximately $7,126,734.70. This represents a 18.61% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 180,465 shares of company stock worth $16,638,714 over the last 90 days. 15.69% of the stock is currently owned by company insiders.

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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