Pictet Asset Management Holding SA Cuts Stake in Spyre Therapeutics, Inc. $SYRE

Key Points

• Pictet Asset Management trimmed its stake in Spyre Therapeutics by 11.8% in Q4, selling 122,258 shares to hold 913,960 shares (about 1.18% of the company) valued at roughly $29.9 million.
• Other institutions increased exposure—most notably Vanguard, which added 984,344 shares (up 32.3%) to reach 4,035,074 shares worth ~$132.2 million—and hedge funds/institutions now own about 80.39% of the stock.
• Shares are near their 12‑month high (~$75) with a market cap of $5.87 billion despite negative EPS (missed last quarter), while analysts rate SYRE an overall Buy with an average price target of $85.08; insiders have sold ~62,958 shares in the past 90 days and own 15.69% of the company.

Pictet Asset Management Holding SA cut its holdings in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 11.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 913,960 shares of the company's stock after selling 122,258 shares during the quarter. Pictet Asset Management Holding SA owned approximately 1.18% of Spyre Therapeutics worth $29,941,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in SYRE. TCG Crossover Management LLC purchased a new stake in Spyre Therapeutics during the third quarter valued at about $18,446,000. Vanguard Group Inc. lifted its holdings in Spyre Therapeutics by 32.3% during the fourth quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company's stock valued at $132,189,000 after purchasing an additional 984,344 shares during the last quarter. Millennium Management LLC purchased a new stake in Spyre Therapeutics during the third quarter valued at about $6,841,000. Baker BROS. Advisors LP lifted its holdings in Spyre Therapeutics by 59.6% during the third quarter. Baker BROS. Advisors LP now owns 1,000,000 shares of the company's stock valued at $16,760,000 after purchasing an additional 373,297 shares during the last quarter. Finally, UBS Group AG lifted its holdings in Spyre Therapeutics by 76.5% during the fourth quarter. UBS Group AG now owns 680,566 shares of the company's stock valued at $22,295,000 after purchasing an additional 294,977 shares during the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

Spyre Therapeutics Stock Up 3.6%

Shares of SYRE opened at $74.45 on Friday. The business's 50-day moving average price is $51.75 and its 200-day moving average price is $37.36. Spyre Therapeutics, Inc. has a twelve month low of $12.28 and a twelve month high of $75.00. The stock has a market cap of $5.87 billion, a PE ratio of -35.79 and a beta of 2.93.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.04). Analysts expect that Spyre Therapeutics, Inc. will post -2.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SYRE has been the topic of several recent research reports. Robert W. Baird upped their price objective on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the company an "outperform" rating in a report on Tuesday, April 14th. Jefferies Financial Group upped their price objective on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the company a "buy" rating in a report on Monday, April 13th. Wedbush upped their price objective on shares of Spyre Therapeutics from $65.00 to $80.00 and gave the company an "outperform" rating in a report on Monday, April 13th. Raymond James Financial initiated coverage on shares of Spyre Therapeutics in a report on Monday, April 13th. They set a "strong-buy" rating and a $80.00 price objective on the stock. Finally, BTIG Research upped their price objective on shares of Spyre Therapeutics from $70.00 to $98.00 and gave the company a "buy" rating in a report on Monday, April 13th. Two investment 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. According to data from MarketBeat, Spyre Therapeutics presently has an average rating of "Buy" and an average price target of $85.08.

Insider Activity

In other news, CEO Cameron Turtle sold 15,000 shares of the company's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $49.33, for a total transaction of $739,950.00. Following the sale, the chief executive officer directly owned 627,540 shares in the company, valued at $30,956,548.20. This represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 7,958 shares of the company's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $50.00, for a total value of $397,900.00. Following the sale, the insider owned 7,958 shares in the company, valued at approximately $397,900. This represents a 50.00% decrease in their ownership of the stock. 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 have sold a total of 62,958 shares of company stock worth $2,734,375 over the last ninety days. Company 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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