Perceptive Advisors LLC Buys 1,839,780 Shares of Spyre Therapeutics, Inc. $SYRE

Key Points

• Perceptive Advisors significantly increased its stake in Spyre Therapeutics, buying 1.84 million additional shares in the fourth quarter and lifting its holding to 3.07 million shares, or about 3.96% of the company.
• Spyre Therapeutics shares were trading up 4.9% at $87.49, near their 52-week high of $88.03, with a market cap of $7.6 billion and a negative trailing PE ratio.
• The company recently missed quarterly EPS estimates, and insiders have been selling shares, including CEO Cameron Turtle and insider Sheldon Sloan, while analysts remain mixed but have a consensus rating of Buy with a target price of $94.17.

Perceptive Advisors LLC grew its stake in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 149.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,069,225 shares of the company's stock after acquiring an additional 1,839,780 shares during the period. Spyre Therapeutics comprises 1.8% of Perceptive Advisors LLC's investment portfolio, making the stock its 14th biggest position. Perceptive Advisors LLC owned approximately 3.96% of Spyre Therapeutics worth $100,548,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Optimize Financial Inc grew its position in shares of Spyre Therapeutics by 1.5% during the 4th quarter. Optimize Financial Inc now owns 25,331 shares of the company's stock valued at $830,000 after acquiring an additional 364 shares during the period. Mercer Global Advisors Inc. ADV grew its position in shares of Spyre Therapeutics by 0.5% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company's stock valued at $1,788,000 after acquiring an additional 522 shares during the period. California State Teachers Retirement System grew its position in shares of Spyre Therapeutics by 1.8% during the 2nd quarter. California State Teachers Retirement System now owns 33,201 shares of the company's stock valued at $497,000 after acquiring an additional 603 shares during the period. AQR Capital Management LLC grew its position in shares of Spyre Therapeutics by 4.5% during the 4th quarter. AQR Capital Management LLC now owns 17,820 shares of the company's stock valued at $584,000 after acquiring an additional 773 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of Spyre Therapeutics by 31.2% during the 4th quarter. Russell Investments Group Ltd. now owns 5,554 shares of the company's stock valued at $182,000 after acquiring an additional 1,320 shares during the period. 80.39% of the stock is owned by institutional investors.

Spyre Therapeutics Trading Up 4.9%

SYRE opened at $87.49 on Thursday. The company has a 50 day moving average of $71.74 and a 200 day moving average of $49.08. The company has a market cap of $7.60 billion, a PE ratio of -42.06 and a beta of 3.05. Spyre Therapeutics, Inc. has a 12 month low of $14.00 and a 12 month high of $88.03.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). Research analysts forecast that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current fiscal year.

Insider Activity

In other Spyre Therapeutics news, insider Sheldon Sloan sold 78,333 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $71.50, for a total value of $5,600,809.50. Following the completion of the transaction, the insider directly owned 78,333 shares of the company's stock, valued at $5,600,809.50. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed 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, CEO Cameron Turtle sold 15,000 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $71.37, for a total transaction of $1,070,550.00. Following the completion of the transaction, the chief executive officer directly owned 612,540 shares of the company's stock, valued at approximately $43,716,979.80. The trade was a 2.39% decrease in their ownership of the stock. 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 sold 247,124 shares of company stock valued at $17,237,760 in the last quarter. 15.69% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SYRE shares. Wall Street Zen downgraded shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, April 26th. Wells Fargo & Company raised their price objective on shares of Spyre Therapeutics from $50.00 to $90.00 and gave the stock an "overweight" rating in a report on Tuesday, April 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Spyre Therapeutics in a report on Thursday, June 4th. Leerink Partners raised their price objective on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an "outperform" rating in a report on Monday, April 13th. Finally, Jefferies Financial Group raised their price objective on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Spyre Therapeutics currently has an average rating of "Buy" and a consensus target price of $94.17.

Spyre Therapeutics Profile

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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