Assenagon Asset Management S.A. Makes New $53.35 Million Investment in Spyre Therapeutics, Inc. $SYRE

Key Points

• Assenagon Asset Management purchased 599,224 Spyre Therapeutics shares worth approximately $53.35 million, representing about 0.59% of the company. Institutional investors and hedge funds collectively own 80.39% of the stock.
• Spyre shares opened at $79.90, below their 50-day moving average of $91.99, while the company reported quarterly EPS of ($0.36), beating estimates by $0.40. Analysts maintain a “Moderate Buy” consensus with an average price target of $110.40.
• Insiders sold 183,564 shares valued at approximately $16.9 million in the latest quarter, including significant sales by an insider and a director executed under pre-arranged Rule 10b5-1 plans.

Assenagon Asset Management S.A. purchased a new stake in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 599,224 shares of the company's stock, valued at approximately $53,349,000. Assenagon Asset Management S.A. owned approximately 0.59% of Spyre Therapeutics as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of Spyre Therapeutics by 24.4% during the 3rd quarter. GAMMA Investing LLC now owns 825 shares of the company's stock worth $73,000 after purchasing an additional 162 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at approximately $3,416,000. Integrated Wealth Concepts LLC acquired a new position in Spyre Therapeutics in the second quarter worth approximately $31,000. Maven Securities LTD acquired a new position in Spyre Therapeutics in the second quarter worth approximately $3,551,000. Finally, Squarepoint Ops LLC acquired a new position in Spyre Therapeutics in the second quarter worth approximately $12,394,000. 80.39% of the stock is owned by institutional investors and hedge funds.

Spyre Therapeutics Stock Down 0.2%

Shares of Spyre Therapeutics stock opened at $79.90 on Friday. The stock has a market capitalization of $8.14 billion, a P/E ratio of -40.97 and a beta of 3.10. The stock has a 50 day moving average price of $91.99 and a two-hundred day moving average price of $84.12. Spyre Therapeutics, Inc. has a 12-month low of $21.15 and a 12-month high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.40. Sell-side analysts anticipate that Spyre Therapeutics, Inc. will post -2.71 earnings per share for the current year.

Insider Activity

In related news, insider Heidy King-Jones sold 28,933 shares of Spyre Therapeutics stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $91.03, for a total value of $2,633,770.99. Following the transaction, the insider owned 2,845 shares in the company, valued at $258,980.35. This trade represents a 91.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey W. Albers sold 18,000 shares of Spyre Therapeutics stock in a transaction on 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 completion of the transaction, the director owned 9,360 shares in the company, valued at $978,588. This trade represents a 65.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 183,564 shares of company stock valued at $16,903,193 in the last quarter. 15.69% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SYRE shares. UBS Group started coverage on shares of Spyre Therapeutics in a research report on Sunday, October 11th. They set a "buy" rating and a $120.00 price objective on the stock. 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. Mizuho boosted their target price on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Wolfe Research lowered shares of Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Spyre Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $110.40.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn's disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre's pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).

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