State of New Jersey Common Pension Fund D Invests $547,000 in Spyre Therapeutics, Inc. $SYRE

Key Points

• State of New Jersey Common Pension Fund D bought a new stake in Spyre Therapeutics in Q4, purchasing 16,698 shares valued at about $547,000.
• Several analysts raised price targets on SYRE, with ratings ranging from Strong Buy to Buy; the current consensus is “Buy” with a consensus target price of $89.08.
• Spyre shares were trading near their 52-week high at $76.43, but the company reported a quarterly loss of ($0.74) EPS, missing analyst expectations, while insiders including the CFO and CEO sold shares in May.

State of New Jersey Common Pension Fund D purchased a new stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 16,698 shares of the company's stock, valued at approximately $547,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mercer Global Advisors Inc. ADV grew its holdings in shares of Spyre Therapeutics by 0.5% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company's stock valued at $1,788,000 after buying an additional 522 shares during the period. California State Teachers Retirement System grew its stake in Spyre Therapeutics by 1.8% in the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company's stock valued at $497,000 after acquiring an additional 603 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Spyre Therapeutics by 1.1% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 110,456 shares of the company's stock worth $1,851,000 after acquiring an additional 1,172 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Spyre Therapeutics by 61.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company's stock worth $124,000 after acquiring an additional 1,435 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its position in shares of Spyre Therapeutics by 19.4% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 12,644 shares of the company's stock worth $414,000 after purchasing an additional 2,057 shares during the period. Institutional investors own 80.39% of the company's stock.

Analysts Set New Price Targets

SYRE has been the subject of a number of research reports. Raymond James Financial began coverage on Spyre Therapeutics in a research note on Monday, April 13th. They set a "strong-buy" rating and a $80.00 target price for the company. JonesTrading lifted their price target on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the company a "buy" rating in a research note on Friday, April 17th. Leerink Partners upped their price target on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the company an "outperform" rating in a report on Monday, April 13th. Robert W. Baird increased their price objective on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 14th. Finally, Stifel Nicolaus raised their price objective 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. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $89.08.

Spyre Therapeutics Trading Up 1.9%

SYRE opened at $76.43 on Tuesday. The stock's fifty day simple moving average is $54.76 and its 200 day simple moving average is $39.40. Spyre Therapeutics, Inc. has a 1-year low of $13.93 and a 1-year high of $78.80. The stock has a market cap of $6.64 billion, a PE ratio of -36.75 and a beta of 3.12.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). Equities analysts forecast that Spyre Therapeutics, Inc. will post -2.75 earnings per share for the current year.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 12,500 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The shares were 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 directly owned 97,994 shares in the company, valued at $6,993,831.78. This trade represents a 11.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the business'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 owned 612,540 shares of the company's stock, valued at approximately $43,716,979.80. This represents a 2.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 233,791 shares of company stock worth $15,757,860. 15.69% of the stock is currently owned by corporate insiders.

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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