California State Teachers Retirement System Increases Stake in Spyre Therapeutics, Inc. $SYRE

Key Points

• Institutional ownership increased: California State Teachers Retirement System raised its Spyre Therapeutics stake by 9.2% to 64,687 shares, while institutional investors collectively own 80.39% of the company.
• Insiders have been selling shares: Directors and executives sold 180,465 shares worth approximately $16.6 million over the past 90 days, including transactions conducted under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains broadly positive but mixed: Spyre has a “Moderate Buy” consensus rating with an average price target of $109.69, while the stock recently traded at $89.98 after reporting better-than-expected quarterly EPS of negative $0.36.

California State Teachers Retirement System increased its position in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 9.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,687 shares of the company's stock after purchasing an additional 5,445 shares during the period. California State Teachers Retirement System owned 0.07% of Spyre Therapeutics worth $5,742,912 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new stake in shares of Spyre Therapeutics in the first quarter worth approximately $28,000. GAMMA Investing LLC grew its position in Spyre Therapeutics by 26.8% during the second quarter. GAMMA Investing LLC now owns 663 shares of the company's stock valued at $59,000 after acquiring an additional 140 shares during the period. KBC Group NV acquired a new stake in shares of Spyre Therapeutics during the first quarter worth approximately $69,000. ABS Direct Equity Fund LLC bought a new stake in shares of Spyre Therapeutics during the first quarter valued at approximately $141,000. Finally, Royal Bank of Canada boosted its position in shares of Spyre Therapeutics by 63.5% in the 1st quarter. Royal Bank of Canada now owns 3,250 shares of the company's stock valued at $164,000 after purchasing an additional 1,262 shares during the period. Hedge funds and other institutional investors own 80.39% of the company's stock.

Insider Activity

In related news, Director Jeffrey Albers sold 18,000 shares of Spyre Therapeutics stock in a transaction that occurred 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 $978,588. The trade was a 65.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott Burrows sold 18,232 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 79,762 shares of the company's stock, valued at approximately $7,126,734.70. This represents a 18.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last ninety days, insiders sold 180,465 shares of company stock worth $16,638,714. 15.69% of the stock is owned by insiders.

Spyre Therapeutics Stock Performance

Shares of SYRE stock traded down $0.81 during trading hours on Tuesday, hitting $89.98. 408,689 shares of the company were exchanged, compared to its average volume of 1,079,442. Spyre Therapeutics, Inc. has a one year low of $14.51 and a one year high of $110.18. The business's 50-day simple moving average is $98.19 and its two-hundred day simple moving average is $76.98. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of -46.19 and a beta of 2.99.

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, 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 fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Spyre Therapeutics in a research note on Tuesday, September 1st. Mizuho lifted their price target on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Guggenheim lifted their price target on Spyre Therapeutics from $115.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Wolfe Research cut Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a report on Tuesday, July 28th. Finally, Wall Street Zen lowered shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $109.69.

Spyre Therapeutics Company 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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