Spyre Therapeutics, Inc. $SYRE Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Spyre Therapeutics stake by 192.6% in the first quarter, bringing its holdings to 1.23 million shares worth approximately $61.9 million. Institutional investors collectively own 80.39% of SYRE.
• Analysts have generally raised their price targets, with the stock receiving a consensus “Moderate Buy” rating and an average target of $110.15. Targets range as high as $135, though one analyst maintains a sell rating.
• SYRE opened at $105.33, near its 52-week high of $108.14, after reporting a quarterly loss of $0.36 per share that beat estimates of a $0.76 loss. Meanwhile, company insiders sold 142,167 shares worth $12.8 million over the last quarter.

Bank of America Corp DE lifted its position in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 192.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,228,093 shares of the company's stock after acquiring an additional 808,366 shares during the quarter. Bank of America Corp DE owned 1.41% of Spyre Therapeutics worth $61,945,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Spyre Therapeutics by 18.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company's stock valued at $442,000 after purchasing an additional 4,277 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Spyre Therapeutics by 13.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company's stock valued at $708,000 after buying an additional 5,723 shares during the period. Rhumbline Advisers boosted its stake in shares of Spyre Therapeutics by 30.6% in the second quarter. Rhumbline Advisers now owns 73,168 shares of the company's stock valued at $1,095,000 after buying an additional 17,145 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Spyre Therapeutics by 61.4% in the second quarter. New York State Common Retirement Fund now owns 16,565 shares of the company's stock valued at $248,000 after buying an additional 6,300 shares in the last quarter. Finally, Invesco Ltd. grew its holdings 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 period. 80.39% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Cameron Turtle sold 15,000 shares of the business's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $70.43, for a total value of $1,056,450.00. Following the sale, the chief executive officer directly owned 597,540 shares in the company, valued at $42,084,742.20. The trade was a 2.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 8,334 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $87.70, for a total transaction of $730,891.80. Following the completion of the sale, the insider directly owned 8,334 shares in the company, valued at approximately $730,891.80. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 142,167 shares of company stock valued at $12,779,292. Company insiders own 15.69% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on SYRE shares. Deutsche Bank Aktiengesellschaft increased their price objective on Spyre Therapeutics from $115.00 to $135.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. Jefferies Financial Group boosted their target price on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, April 13th. Guggenheim upped their price target on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Spyre Therapeutics in a report on Thursday, June 4th. Finally, Leerink Partners raised 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. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $110.15.

Spyre Therapeutics Price Performance

NASDAQ SYRE opened at $105.33 on Tuesday. Spyre Therapeutics, Inc. has a 1-year low of $14.51 and a 1-year high of $108.14. The company has a market capitalization of $9.26 billion, a P/E ratio of -54.02 and a beta of 3.03. The business has a 50 day moving average price of $91.86 and a 200 day moving average price of $66.16.

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

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.

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