Seven Fleet Capital Management LP Invests $993,000 in Spyre Therapeutics, Inc. $SYRE

Key Points

• Seven Fleet Capital Management initiated a $993,000 position in Spyre Therapeutics during the first quarter, while other institutions also added shares; institutional investors now own 80.39% of the company.
• Spyre shares opened at $98.33, near their 52-week high of $105.09, despite the company reporting a quarterly EPS loss of $0.74 that missed analyst expectations.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $101.42, although company insiders have sold 176,667 shares worth about $14.2 million over the past 90 days.

Seven Fleet Capital Management LP purchased a new stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 19,690 shares of the company's stock, valued at approximately $993,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SYRE. Summit Securities Group LLC purchased a new stake in Spyre Therapeutics during the 1st quarter worth about $28,000. KBC Group NV purchased a new position in Spyre Therapeutics during the 1st quarter valued at about $69,000. Persistent Asset Partners Ltd purchased a new position in Spyre Therapeutics during the 4th quarter valued at about $74,000. ABS Direct Equity Fund LLC bought a new stake in shares of Spyre Therapeutics during the first quarter valued at about $141,000. Finally, Royal Bank of Canada increased its position in shares of Spyre Therapeutics by 63.5% during the first quarter. Royal Bank of Canada now owns 3,250 shares of the company's stock valued at $164,000 after buying an additional 1,262 shares during the period. 80.39% of the stock is currently owned by institutional investors.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 15,000 shares of Spyre Therapeutics stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $87.13, for a total transaction of $1,306,950.00. Following the completion of the sale, the chief financial officer directly owned 97,994 shares in the company, valued at $8,538,217.22. The trade was a 13.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Cameron Turtle sold 15,000 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $70.43, for a total transaction of $1,056,450.00. Following the completion of the transaction, the chief executive officer directly owned 597,540 shares of the company's stock, valued at approximately $42,084,742.20. This 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 a total of 176,667 shares of company stock valued at $14,177,617 in the last ninety days. 15.69% of the stock is currently owned by company insiders.

Spyre Therapeutics Stock Down 3.1%

Shares of NASDAQ SYRE opened at $98.33 on Friday. The stock's 50-day simple moving average is $88.23 and its two-hundred day simple moving average is $62.99. Spyre Therapeutics, Inc. has a twelve month low of $14.51 and a twelve month high of $105.09. The firm has a market capitalization of $8.65 billion, a P/E ratio of -47.27 and a beta of 3.02.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly 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). As a group, research analysts anticipate that Spyre Therapeutics, Inc. will post -2.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SYRE shares. Wall Street Zen downgraded shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday, April 26th. Leerink Partners boosted their price objective on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Stifel Nicolaus upped their target price on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Raymond James Financial started coverage on shares of Spyre Therapeutics in a research note on Monday, April 13th. They issued a "strong-buy" rating and a $80.00 target price on the stock. Finally, Citigroup raised their price target on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Spyre Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $101.42.

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.

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.