Insider Selling: Spyre Therapeutics (NASDAQ:SYRE) CEO Sells 15,000 Shares of Stock

Key Points

• CEO Cameron Turtle sold 15,000 shares on May 1 at an average price of $71.37 for $1.07M under a pre-arranged Rule 10b5-1 plan, leaving him with 612,540 shares (a 2.39% reduction) valued at about $43.7M.
• The sale is part of a clear pattern of insider dispositions — Turtle sold 15,000 shares each on Feb. 2, Mar. 2, Apr. 1 and May 1 at rising prices ($32.80 → $42.19 → $49.33 → $71.37), all disclosed in SEC filings.
• Shares dropped about 6.8% to $69.42 on the day of the report; Spyre has a $5.47B market cap and a MarketBeat consensus rating of Buy with a $85.08 average price target after several analysts raised forecasts.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) CEO Cameron Turtle sold 15,000 shares of the company's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $71.37, for a total transaction of $1,070,550.00. Following the sale, the chief executive officer owned 612,540 shares in the company, valued at $43,716,979.80. This represents a 2.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cameron Turtle also recently made the following trade(s):

• On Wednesday, April 1st, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The stock was sold at an average price of $49.33, for a total value of $739,950.00.
• On Monday, March 2nd, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The shares were sold at an average price of $42.19, for a total value of $632,850.00.
• On Monday, February 2nd, Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock. The stock was sold at an average price of $32.80, for a total value of $492,000.00.

Spyre Therapeutics Trading Down 6.8%

NASDAQ:SYRE traded down $5.03 during midday trading on Friday, hitting $69.42. 1,463,178 shares of the company traded hands, compared to its average volume of 1,426,069. The firm has a market capitalization of $5.47 billion, a P/E ratio of -33.38 and a beta of 3.12. The firm's fifty day moving average is $51.75 and its 200-day moving average is $37.36. Spyre Therapeutics, Inc. has a 12-month low of $12.28 and a 12-month high of $76.00.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The company reported ($0.70) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.04). On average, research analysts expect that Spyre Therapeutics, Inc. will post -2.8 EPS for the current fiscal year.

Institutional Investors Weigh In On Spyre Therapeutics

Several hedge funds have recently modified their holdings of the business. Summit Securities Group LLC purchased a new position in Spyre Therapeutics during the first quarter valued at approximately $28,000. Russell Investments Group Ltd. boosted its position in Spyre Therapeutics by 2,881.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company's stock valued at $71,000 after acquiring an additional 4,092 shares in the last quarter. Persistent Asset Partners Ltd purchased a new position in shares of Spyre Therapeutics in the 4th quarter valued at $74,000. Tower Research Capital LLC TRC raised its position in shares of Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company's stock worth $86,000 after acquiring an additional 3,725 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Spyre Therapeutics by 61.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company's stock worth $124,000 after purchasing an additional 1,435 shares during the last quarter. Hedge funds and other institutional investors own 80.39% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on SYRE shares. Leerink Partners raised their price objective on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an "outperform" rating in a research note on Monday, April 13th. Robert W. Baird upped their price target on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an "outperform" rating in a report on Tuesday, April 14th. Stifel Nicolaus raised their target price on shares of Spyre Therapeutics from $70.00 to $92.00 and gave the stock a "buy" rating in a research report on Wednesday, March 18th. JonesTrading increased their price objective on Spyre Therapeutics from $64.00 to $95.00 and gave the stock a "buy" rating in a research note on Friday, April 17th. Finally, BTIG Research lifted their target price on Spyre Therapeutics from $70.00 to $98.00 and gave the company a "buy" rating in a research report on Monday, April 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $85.08.

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.

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