PSP Research LLC Takes Position in Spyre Therapeutics, Inc. $SYRE

Key Points

• PSP Research LLC opened a new position in Spyre Therapeutics during the fourth quarter, buying 15,840 shares valued at about $519,000.
• Several other institutional investors also increased their stakes, and hedge funds and institutions now own 80.39% of the company’s stock.
• Analysts remain bullish on SYRE, with multiple firms raising price targets and the stock carrying a consensus Buy rating and average target of $90.25, even after the company reported a wider-than-expected quarterly loss.

PSP Research LLC bought a new stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 15,840 shares of the company's stock, valued at approximately $519,000.

Other large investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Spyre Therapeutics by 61.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company's stock valued at $124,000 after purchasing an additional 1,435 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company's stock valued at $71,000 after purchasing an additional 4,092 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company's stock valued at $86,000 after purchasing an additional 3,725 shares during the period. Man Group plc acquired a new position in shares of Spyre Therapeutics in the 2nd quarter valued at about $162,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Spyre Therapeutics by 19.4% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 12,644 shares of the company's stock valued at $414,000 after purchasing an additional 2,057 shares during the period. Institutional investors and hedge funds own 80.39% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. JonesTrading upped their target price on Spyre Therapeutics from $64.00 to $95.00 and gave the company a "buy" rating in a report on Friday, April 17th. Citigroup boosted their price target on Spyre Therapeutics from $64.00 to $97.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Stifel Nicolaus boosted their price target on Spyre Therapeutics from $92.00 to $107.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $102.00 price target on shares of Spyre Therapeutics in a research note on Tuesday, May 12th. Finally, Wedbush boosted their price target on Spyre Therapeutics from $65.00 to $80.00 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $90.25.

Spyre Therapeutics Stock Down 4.9%

Shares of Spyre Therapeutics stock opened at $66.62 on Wednesday. The stock has a market capitalization of $5.79 billion, a P/E ratio of -32.03 and a beta of 3.12. The stock has a 50 day moving average price of $58.59 and a two-hundred day moving average price of $41.50. Spyre Therapeutics, Inc. has a 12-month low of $13.93 and a 12-month high of $78.80.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.08). Sell-side analysts anticipate that Spyre Therapeutics, Inc. will post -2.79 earnings per share for the current year.

Insider Buying and Selling

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 12,500 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $71.37, for a total transaction of $892,125.00. Following the completion of the sale, the chief financial officer owned 97,994 shares of the company's stock, valued at $6,993,831.78. This represents a 11.31% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $71.37, for a total value of $1,070,550.00. Following the sale, the chief executive officer directly owned 612,540 shares of the company's stock, valued at $43,716,979.80. The trade was a 2.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 233,791 shares of company stock worth $15,757,860 over the last ninety days. Company insiders own 15.69% of the company's stock.

Spyre Therapeutics Company 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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