Engineers Gate Manager LP Takes $3.42 Million Position in Spyre Therapeutics, Inc. $SYRE

Key Points

• Engineers Gate Manager LP acquired 38,474 shares of Spyre Therapeutics worth approximately $3.42 million in the second quarter. Institutional investors collectively own 80.39% of the company.
• Analyst sentiment is mixed but remains positive overall: Spyre has a consensus “Moderate Buy” rating and a $109.69 price target, despite recent downgrades from some firms.
• Insiders sold 180,465 shares worth $16.64 million over the past 90 days, while the stock recently traded at $90.60 after reporting quarterly losses narrower than analysts expected.

Engineers Gate Manager LP bought a new position in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 38,474 shares of the company's stock, valued at approximately $3,416,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in shares of Spyre Therapeutics by 26.8% in the second quarter. GAMMA Investing LLC now owns 663 shares of the company's stock valued at $59,000 after purchasing an additional 140 shares during the period. Integrated Wealth Concepts LLC bought a new position in Spyre Therapeutics in the 2nd quarter worth $31,000. Optimize Financial Inc raised its holdings 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 period. 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 last quarter. Finally, Summit Securities Group LLC bought a new stake in Spyre Therapeutics during the first quarter valued at about $28,000. Institutional investors and hedge funds own 80.39% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SYRE. Wall Street Zen lowered Spyre Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, August 16th. Wolfe Research lowered Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a report on Tuesday, July 28th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Spyre Therapeutics in a research report on Tuesday, September 1st. BTIG Research reiterated a "buy" rating and set a $121.00 price target on shares of Spyre Therapeutics in a report on Tuesday, September 8th. Finally, Wedbush reiterated an "outperform" rating and set a $123.00 price target on shares of Spyre Therapeutics in a report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Spyre Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $109.69.

Insider Transactions at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction that occurred on 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 sale, the chief executive officer owned 552,540 shares of the company's stock, valued at approximately $48,231,216.60. This trade represents a 2.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $1,881,900.00. Following the sale, the director directly owned 9,360 shares in the company, valued at $978,588. The trade was a 65.79% 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. Insiders have sold a total of 180,465 shares of company stock worth $16,638,714 over the last 90 days. Insiders own 15.69% of the company's stock.

Spyre Therapeutics Stock Performance

Shares of SYRE opened at $90.60 on Monday. The company has a 50-day simple moving average of $98.15 and a 200-day simple moving average of $76.64. The firm has a market capitalization of $7.97 billion, a P/E ratio of -46.46 and a beta of 2.99. Spyre Therapeutics, Inc. has a 52 week low of $14.51 and a 52 week high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping analysts' consensus estimates of ($0.76) by $0.40. As a group, equities analysts forecast that Spyre Therapeutics, Inc. will post -2.71 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.