Candriam S.C.A. Buys 184,748 Shares of Spyre Therapeutics, Inc. $SYRE

Key Points

• Candriam S.C.A. increased its stake in Spyre Therapeutics by 43.4% in the first quarter, buying 184,748 additional shares and bringing its total holding to 610,282 shares worth about $30.8 million.
• Analyst sentiment is mostly bullish, with several firms raising price targets; the stock’s consensus rating is “Buy” and the average target price is $95.83.
• Spyre Therapeutics shares fell 1.0% to $97.74, while the company reported a wider-than-expected quarterly loss and insiders, including the CEO, recently sold shares under pre-arranged trading plans.

Candriam S.C.A. raised its stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 43.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 610,282 shares of the company's stock after purchasing an additional 184,748 shares during the quarter. Candriam S.C.A. owned approximately 0.77% of Spyre Therapeutics worth $30,783,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Summit Securities Group LLC bought a new stake in shares of Spyre Therapeutics in the first quarter worth about $28,000. Persistent Asset Partners Ltd bought a new stake in shares of Spyre Therapeutics in the 4th quarter worth approximately $74,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Spyre Therapeutics by 61.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company's stock valued at $124,000 after buying an additional 1,435 shares during the period. Union Bancaire Privee UBP SA purchased a new position in shares of Spyre Therapeutics during the first quarter valued at approximately $196,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of Spyre Therapeutics by 2,881.7% during the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company's stock valued at $71,000 after acquiring an additional 4,092 shares in the last quarter. Institutional investors and hedge funds own 80.39% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Raymond James Financial assumed coverage on shares of Spyre Therapeutics in a research note on Monday, April 13th. They set a "strong-buy" rating and a $80.00 target price on the stock. Robert W. Baird raised their price objective 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. Jefferies Financial Group lifted their price objective on Spyre Therapeutics from $47.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, April 13th. Wall Street Zen lowered Spyre Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, April 26th. Finally, Leerink Partners raised their target price on Spyre Therapeutics from $49.00 to $106.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $95.83.

Spyre Therapeutics Stock Down 1.0%

Shares of NASDAQ SYRE traded down $1.01 during mid-day trading on Friday, reaching $97.74. 779,182 shares of the company were exchanged, compared to its average volume of 1,742,719. The stock has a market cap of $8.60 billion, a price-to-earnings ratio of -46.99 and a beta of 3.02. The firm has a 50-day moving average of $80.51 and a 200 day moving average of $55.94. Spyre Therapeutics, Inc. has a 1 year low of $14.51 and a 1 year high of $102.06.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its quarterly earnings data 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, equities analysts forecast that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current year.

Insider Buying and Selling at Spyre Therapeutics

In related news, insider Sheldon Sloan sold 8,334 shares of Spyre Therapeutics stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total value of $730,891.80. Following the completion of the transaction, the insider directly owned 8,334 shares in the company, valued at approximately $730,891.80. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.69, for a total transaction of $1,315,350.00. Following the completion of the transaction, the chief executive officer directly owned 582,540 shares in the company, valued at approximately $51,082,932.60. This represents a 2.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 282,500 shares of company stock valued at $21,741,101 in the last 90 days. Corporate insiders own 15.69% of the company's stock.

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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