Squarepoint Ops LLC Invests $12.39 Million in Spyre Therapeutics, Inc. $SYRE

Key Points

• Squarepoint Ops LLC bought 139,605 shares of Spyre Therapeutics in the second quarter, worth approximately $12.39 million and representing a 0.16% stake. Institutional investors collectively own 80.39% of the company.
• Spyre shares opened at $86.93, down 4.3%, while the stock has traded between $14.51 and $110.18 over the past year. The company reported a quarterly loss of $0.36 per share, beating estimates for a $0.76 loss.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $109.69 target price, although insiders have sold 180,465 shares worth $16.64 million over the past 90 days.

Squarepoint Ops LLC purchased a new stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 139,605 shares of the company's stock, valued at approximately $12,394,000. Squarepoint Ops LLC owned 0.16% of Spyre Therapeutics at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. California State Teachers Retirement System raised its position in Spyre Therapeutics by 9,594.0% in the second quarter. California State Teachers Retirement System now owns 5,742,912 shares of the company's stock worth $509,856,000 after acquiring an additional 5,683,670 shares in the last quarter. RTW Investments LP grew its stake in shares of Spyre Therapeutics by 15.2% during the 4th quarter. RTW Investments LP now owns 4,171,996 shares of the company's stock worth $136,675,000 after purchasing an additional 550,000 shares during the period. Perceptive Advisors LLC grew its stake in shares of Spyre Therapeutics by 23.3% during the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company's stock worth $190,826,000 after purchasing an additional 714,000 shares during the period. Capital International Investors increased its holdings in shares of Spyre Therapeutics by 46.0% in the 4th quarter. Capital International Investors now owns 3,492,541 shares of the company's stock valued at $114,416,000 after purchasing an additional 1,100,000 shares in the last quarter. Finally, Commodore Capital LP increased its holdings in shares of Spyre Therapeutics by 20.1% in the 4th quarter. Commodore Capital LP now owns 2,388,245 shares of the company's stock valued at $78,239,000 after purchasing an additional 400,161 shares in the last quarter. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Trading Down 4.3%

Shares of NASDAQ SYRE opened at $86.93 on Thursday. The stock has a market cap of $7.64 billion, a price-to-earnings ratio of -44.58 and a beta of 2.99. Spyre Therapeutics, Inc. has a 52 week low of $14.51 and a 52 week high of $110.18. The company's 50-day moving average price is $98.03 and its 200 day moving average price is $76.00.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.40. As a group, research analysts expect that Spyre Therapeutics, Inc. will post -2.71 earnings per share for the current year.

Insider Buying and Selling at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $95.51, for a total transaction of $1,432,650.00. Following the completion of the transaction, the chief executive officer directly owned 567,540 shares in the company, valued at $54,205,745.40. The trade was a 2.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael Henderson sold 20,000 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director directly owned 68,606 shares in the company, valued at approximately $6,860,600. The trade was a 22.57% 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. Over the last 90 days, insiders sold 180,465 shares of company stock worth $16,638,714. 15.69% of the stock is currently owned by insiders.

Key Headlines Impacting Spyre Therapeutics

Here are the key news stories impacting Spyre Therapeutics this week:

• Positive Sentiment: Positive Phase 2 SPY003 results: Spyre reported that its anti-IL-23 antibody, SPY003, met the primary endpoint in the SKYLINE ulcerative colitis study, delivering a statistically significant reduction in disease activity. The company characterized the results as potentially best-in-class and said they complete proof-of-concept for all three components of its planned IBD combination therapies. Spyre SPY003 SKYLINE trial announcement
• Positive Sentiment: Strategic pipeline validation: The SPY003 data strengthen Spyre’s multi-mechanism IBD platform by providing clinical validation for the third component of its combination approach. Additional reports described the results as a potentially important competitive milestone for the company. Zacks SPY003 ulcerative colitis study
• Positive Sentiment: Analysts remain bullish: Wedbush reaffirmed its “outperform” rating with a $123 price target, while BTIG reiterated its “buy” rating with a $121 target. Both targets indicate meaningful upside from the referenced $86.93 share price. Wedbush rating update BTIG rating update
• Positive Sentiment: Investor visibility: Spyre presented at Citigroup’s Biopharma Back to School Summit, giving management an opportunity to discuss the pipeline and recent SPY003 results with institutional investors. Spyre Citigroup summit transcript
• Neutral Sentiment: The favorable data are still from a Phase 2 study; further development, larger studies, regulatory review and commercial execution remain important risks. The supplied articles do not report a new negative development.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SYRE shares. Mizuho upped their target price on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Wall Street Zen downgraded shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, August 16th. Wedbush reissued an "outperform" rating and set a $123.00 price target on shares of Spyre Therapeutics in a research note on Wednesday. BTIG Research reissued a "buy" rating and set a $121.00 price target on shares of Spyre Therapeutics in a research note on Tuesday. Finally, Wolfe Research cut Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $109.69.

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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