Michael Thomas Henderson Sells 80,000 Shares of Spyre Therapeutics (NASDAQ:SYRE) Stock

Key Points

• Spyre Therapeutics director Michael Thomas Henderson sold 80,000 shares on May 8 at an average price of $74.40, totaling about $5.95 million. The sale, made under a pre-arranged Rule 10b5-1 plan, reduced his ownership by 47.45% to 88,606 shares.
• The stock has been trading near its 52-week high, recently rising to $75.04, just below the $76.00 peak. Spyre has a market cap of $6.52 billion and remains volatile, with a beta of 3.12.
• Analysts remain mostly bullish despite a recent earnings miss: Spyre reported a quarterly loss of $0.74 per share, wider than expected, but Wall Street still holds a consensus “Buy” rating with an average price target of $89.08. Several firms recently raised their targets, though one analyst downgraded the stock to sell.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) Director Michael Thomas Henderson sold 80,000 shares of the business's stock in a transaction dated Friday, May 8th. The shares were 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 in the company, valued at $6,592,286.40. This represents a 47.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Spyre Therapeutics Stock Performance

Shares of NASDAQ:SYRE traded up $1.94 during midday trading on Friday, reaching $75.04. The company's stock had a trading volume of 840,580 shares, compared to its average volume of 1,570,863. The firm has a market capitalization of $6.52 billion, a price-to-earnings ratio of -36.08 and a beta of 3.12. The firm has a 50 day moving average price of $53.47 and a two-hundred day moving average price of $38.67. Spyre Therapeutics, Inc. has a fifty-two week low of $12.94 and a fifty-two week high of $76.00.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.08). As a group, research analysts anticipate that Spyre Therapeutics, Inc. will post -2.78 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Wall Street Zen downgraded Spyre Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, April 26th. BTIG Research upped their price target on Spyre Therapeutics from $70.00 to $98.00 and gave the stock a "buy" rating in a research note on Monday, April 13th. Stifel Nicolaus upped their price target on Spyre Therapeutics from $92.00 to $107.00 and gave the stock a "buy" rating in a research note on Wednesday. Wells Fargo & Company upped their price target on Spyre Therapeutics from $50.00 to $90.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 14th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Spyre Therapeutics from $55.00 to $88.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Spyre Therapeutics has a consensus rating of "Buy" and an average price target of $89.08.

Institutional Trading of Spyre Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Summit Securities Group LLC bought a new position in shares of Spyre Therapeutics in the first quarter valued at approximately $28,000. KBC Group NV bought a new position in Spyre Therapeutics during the first quarter valued at $69,000. Russell Investments Group Ltd. lifted its stake in shares of 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 buying an additional 4,092 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Spyre Therapeutics during the 4th quarter valued at approximately $74,000. Finally, Tower Research Capital LLC TRC boosted its holdings in 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 buying an additional 3,725 shares during the period. 80.39% of the stock is owned by institutional investors.

Spyre Therapeutics Company 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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