Bank of New York Mellon Corp Invests $21.77 Million in Spyre Therapeutics, Inc. $SYRE

Key Points

• Bank of New York Mellon acquired 245,193 shares of Spyre Therapeutics worth approximately $21.77 million, giving it a 0.28% stake. Institutional investors collectively own 80.39% of the company.
• Spyre reported a quarterly loss of $0.36 per share, beating analysts’ expected loss of $0.76 per share. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $109.69.
• Spyre shares opened at $90.36, compared with a 12-month range of $14.51 to $110.18. Company insiders have sold 119,667 shares worth about $11.19 million over the past 90 days, including sales by the CEO and a director under pre-arranged trading plans.

Bank of New York Mellon Corp purchased a new stake in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 245,193 shares of the company's stock, valued at approximately $21,768,000. Bank of New York Mellon Corp owned approximately 0.28% of Spyre Therapeutics at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Summit Securities Group LLC purchased a new position in Spyre Therapeutics in the first quarter worth about $28,000. GAMMA Investing LLC raised its position 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 buying an additional 140 shares during the last quarter. KBC Group NV purchased a new stake in shares of Spyre Therapeutics during the 1st quarter valued at about $69,000. Persistent Asset Partners Ltd bought a new stake in shares of Spyre Therapeutics in the fourth quarter worth approximately $74,000. Finally, ABS Direct Equity Fund LLC purchased a new position in shares of Spyre Therapeutics during the first quarter valued at approximately $141,000. Hedge funds and other institutional investors own 80.39% of the company's stock.

Insider Transactions at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $95.51, for a total value of $1,432,650.00. Following the transaction, the chief executive officer owned 567,540 shares of the company's stock, valued at approximately $54,205,745.40. The trade was a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey W. Albers sold 18,000 shares of the company's 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 transaction, the director owned 9,360 shares of the company's stock, valued at approximately $978,588. This 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. Over the last 90 days, insiders have sold 119,667 shares of company stock valued at $11,189,892. 15.69% of the stock is owned by corporate insiders.

Spyre Therapeutics Stock Performance

NASDAQ SYRE opened at $90.36 on Monday. Spyre Therapeutics, Inc. has a 12 month low of $14.51 and a 12 month high of $110.18. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of -46.34 and a beta of 3.03. The company's 50 day moving average is $98.43 and its two-hundred day moving average is $73.03.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.76) by $0.40. Sell-side analysts forecast that Spyre Therapeutics, Inc. will post -2.62 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Stifel Nicolaus increased their price target on Spyre Therapeutics from $92.00 to $107.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Guggenheim upped their price objective on Spyre Therapeutics from $115.00 to $130.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of Spyre Therapeutics in a report on Thursday, June 4th. Deutsche Bank Aktiengesellschaft dropped their target price on Spyre Therapeutics from $135.00 to $127.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, Citigroup boosted their price target on Spyre Therapeutics from $64.00 to $97.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $109.69.

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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