Spyre Therapeutics, Inc. $SYRE Stock Holdings Decreased by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Spyre Therapeutics stake by 46.2% in Q1, though it still held 491,649 shares worth about $24.8 million at quarter-end.
• Analysts remain mostly bullish on SYRE: Jefferies, Deutsche Bank, Stifel, and Citigroup all raised price targets, and MarketBeat shows an average rating of Buy with a $95.83 price target.
• Insider selling has been notable, including CEO Cameron Turtle and Director Michael Thomas Henderson, with insiders selling 251,666 shares over the last 90 days.

Pictet Asset Management Holding SA lowered its position in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 46.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 491,649 shares of the company's stock after selling 422,311 shares during the quarter. Pictet Asset Management Holding SA owned about 0.62% of Spyre Therapeutics worth $24,799,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in SYRE. Optimize Financial Inc increased its holdings in shares of Spyre Therapeutics by 1.5% in 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 last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in Spyre Therapeutics by 0.5% in the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company's stock worth $1,788,000 after purchasing an additional 522 shares during the period. California State Teachers Retirement System increased its stake in Spyre Therapeutics by 1.8% during the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company's stock valued at $497,000 after purchasing an additional 603 shares during the last quarter. AQR Capital Management LLC increased its stake in Spyre Therapeutics by 4.5% during the fourth quarter. AQR Capital Management LLC now owns 17,820 shares of the company's stock valued at $584,000 after purchasing an additional 773 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Spyre Therapeutics by 31.2% during the fourth quarter. Russell Investments Group Ltd. now owns 5,554 shares of the company's stock worth $182,000 after purchasing an additional 1,320 shares during the period. Institutional investors and hedge funds own 80.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Jefferies Financial Group raised their price target 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. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Spyre Therapeutics in a report on Thursday, June 4th. Stifel Nicolaus lifted their target price on Spyre Therapeutics from $92.00 to $107.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Citigroup upped their target price on Spyre Therapeutics from $64.00 to $97.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Two equities 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, Spyre Therapeutics has an average rating of "Buy" and an average price target of $95.83.

Insiders Place Their Bets

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the business's stock in a transaction 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 owned 597,540 shares in the company, valued at approximately $42,084,742.20. The trade was a 2.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Thomas Henderson sold 80,000 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $74.40, for a total value of $5,952,000.00. Following the completion of the transaction, the director directly owned 88,606 shares of the company's stock, valued at approximately $6,592,286.40. The trade was a 47.45% 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. Over the last 90 days, insiders sold 251,666 shares of company stock valued at $19,036,810. 15.69% of the stock is owned by corporate insiders.

Spyre Therapeutics Stock Up 0.1%

Spyre Therapeutics stock opened at $88.89 on Thursday. Spyre Therapeutics, Inc. has a 52-week low of $14.51 and a 52-week high of $102.06. The firm has a market capitalization of $7.82 billion, a price-to-earnings ratio of -42.74 and a beta of 3.01. The firm has a 50-day moving average price of $77.46 and a two-hundred day moving average price of $53.17.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings results 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 expect that Spyre Therapeutics, Inc. will post -2.86 earnings per share for the current year.

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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