Handelsbanken Fonder AB Makes New $2.31 Million Investment in Spyre Therapeutics, Inc. $SYRE

Key Points

• Handelsbanken Fonder AB initiated a $2.31 million position in Spyre Therapeutics by purchasing 26,000 shares during the second quarter. Institutional investors collectively own 80.39% of the company.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $111.69; recent targets range from $107 to $135.
• Spyre shares opened at $103.63, near their 12-month high of $108.14, while insiders have sold 142,167 shares worth approximately $12.8 million over the past 90 days. The company also reported quarterly EPS of -$0.36, beating expectations of -$0.76.

Handelsbanken Fonder AB purchased a new stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 26,000 shares of the company's stock, valued at approximately $2,308,000.

Other institutional investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Spyre Therapeutics by 18.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company's stock worth $442,000 after buying an additional 4,277 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Spyre Therapeutics by 13.8% in the second quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company's stock valued at $708,000 after acquiring an additional 5,723 shares during the last quarter. Rhumbline Advisers grew its position in Spyre Therapeutics by 30.6% during the second quarter. Rhumbline Advisers now owns 73,168 shares of the company's stock valued at $1,095,000 after acquiring an additional 17,145 shares during the period. New York State Common Retirement Fund grew its position in Spyre Therapeutics by 61.4% during the second quarter. New York State Common Retirement Fund now owns 16,565 shares of the company's stock valued at $248,000 after acquiring an additional 6,300 shares during the period. Finally, Invesco Ltd. increased its stake in Spyre Therapeutics by 37.6% during the second quarter. Invesco Ltd. now owns 34,680 shares of the company's stock worth $519,000 after acquiring an additional 9,473 shares during the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SYRE has been the topic of a number of research reports. Robert W. Baird set a $120.00 price objective on Spyre Therapeutics in a report on Wednesday, August 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of Spyre Therapeutics in a research report on Thursday, June 4th. Wolfe Research downgraded shares of Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the company a "buy" rating in a report on Tuesday, June 23rd. Finally, Stifel Nicolaus lifted their price target on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $111.69.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, insider Sheldon Sloan sold 8,334 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $87.70, for a total value of $730,891.80. Following the completion of the sale, the insider owned 8,334 shares of the company's stock, valued at $730,891.80. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $70.43, for a total transaction of $1,056,450.00. Following the completion of the sale, the chief executive officer directly owned 597,540 shares of the company's stock, valued at $42,084,742.20. This trade represents a 2.45% 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 142,167 shares of company stock worth $12,779,292 over the last 90 days. 15.69% of the stock is owned by corporate insiders.

Spyre Therapeutics Price Performance

Shares of SYRE opened at $103.63 on Monday. The stock's 50-day moving average is $94.21 and its two-hundred day moving average is $68.13. The stock has a market cap of $9.11 billion, a PE ratio of -53.14 and a beta of 3.03. Spyre Therapeutics, Inc. has a 12 month low of $14.51 and a 12 month high of $108.14.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.76) by $0.40. On average, research analysts anticipate that Spyre Therapeutics, Inc. will post -2.62 earnings per share for the current year.

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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