Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Down - Here's What Happened

Key Points

• Spyre Therapeutics shares gapped lower: The stock opened at $85.00 versus its prior close of $88.98 and was last trading near $87.93.
• Analysts remain broadly bullish, but reduced targets: Several firms cut price targets, while the stock holds a “Moderate Buy” consensus rating with an average target of $109.69.
• Quarterly results exceeded expectations: Spyre reported a loss of $0.36 per share, better than the consensus estimate of a $0.76 loss; insiders have sold $16.6 million in shares over the past 90 days, largely through pre-arranged plans.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $88.98, but opened at $85.00. Spyre Therapeutics shares last traded at $87.9320, with a volume of 98,627 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have weighed in on SYRE. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Spyre Therapeutics from $135.00 to $127.00 and set a "buy" rating for the company in a research note on Wednesday, August 26th. BTIG Research lowered their price target on Spyre Therapeutics from $132.00 to $121.00 and set a "buy" rating for the company in a research report on Wednesday, August 26th. Wedbush dropped their price target on shares of Spyre Therapeutics from $130.00 to $123.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 26th. Mizuho upped their price target on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Finally, Wolfe Research downgraded shares of Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $109.69.

Spyre Therapeutics Stock Up 2.2%

The firm's fifty day moving average price is $98.03 and its two-hundred day moving average price is $75.27. The stock has a market capitalization of $7.99 billion, a PE ratio of -46.64 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.40. As a group, analysts predict that Spyre Therapeutics, Inc. will post -2.62 EPS for the current year.

Insider Transactions at Spyre Therapeutics

In related news, Director Jeffrey Albers sold 18,000 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the completion of the sale, the director owned 9,360 shares in the company, valued at approximately $978,588. This represents a 65.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott Burrows sold 18,232 shares of the company's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $89.35, for a total value of $1,629,029.20. Following the sale, the chief financial officer owned 79,762 shares of the company's stock, valued at approximately $7,126,734.70. This trade represents a 18.61% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 180,465 shares of company stock worth $16,638,714. 15.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Spyre Therapeutics by 18.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company's stock valued at $442,000 after buying an additional 4,277 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Spyre Therapeutics by 13.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company's stock worth $708,000 after acquiring an additional 5,723 shares during the last quarter. Rhumbline Advisers grew its position in shares of Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company's stock valued at $1,095,000 after acquiring an additional 17,145 shares during the period. New York State Common Retirement Fund grew its position in shares of Spyre Therapeutics by 61.4% during the 2nd quarter. New York State Common Retirement Fund now owns 16,565 shares of the company's stock valued at $248,000 after acquiring an additional 6,300 shares during the period. Finally, Invesco Ltd. grew its position in shares of Spyre Therapeutics by 37.6% during the 2nd quarter. Invesco Ltd. now owns 34,680 shares of the company's stock valued at $519,000 after acquiring an additional 9,473 shares during the period. Hedge funds and other institutional investors own 80.39% of the company's stock.

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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