Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Down on Analyst Downgrade

Key Points

• Spyre Therapeutics shares fell sharply: The stock opened at $92.41 after closing at $107.36, following Wedbush’s price-target cut to $123 from $130. Wedbush maintained its Outperform rating.
• Analyst sentiment remains broadly positive: Spyre has a consensus “Moderate Buy” rating and an average price target of $109.69, although several target reductions indicate increased caution after recent clinical updates.
• Insiders have been selling shares: A director and the CFO recently sold stock, contributing to 142,167 insider shares sold for approximately $12.8 million over the past 90 days. Institutional investors and hedge funds still own about 80.4% of the company.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) gapped down before the market opened on Wednesday after Wedbush lowered their price target on the stock from $130.00 to $123.00. The stock had previously closed at $107.36, but opened at $92.41. Wedbush currently has an outperform rating on the stock. Spyre Therapeutics shares last traded at $94.5630, with a volume of 496,905 shares.

Several other equities analysts have also weighed in on the company. Wells Fargo & Company lifted their price target on Spyre Therapeutics from $90.00 to $115.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Guggenheim upped their target price on Spyre Therapeutics from $115.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Stifel Nicolaus increased their target price on Spyre Therapeutics from $92.00 to $107.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. Citigroup lifted their price target on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Wolfe Research lowered shares of 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 given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $109.69.

Insider Buying and Selling at Spyre Therapeutics

In related news, Director Michael Thomas Henderson sold 20,000 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $100.00, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed 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 L. Burrows sold 15,000 shares of the stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $87.13, for a total value of $1,306,950.00. Following the completion of the transaction, the chief financial officer directly owned 97,994 shares of the company's stock, valued at approximately $8,538,217.22. This represents a 13.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 142,167 shares of company stock valued at $12,779,292. 15.69% of the stock is owned by insiders.

More Spyre Therapeutics News

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

• Positive Sentiment: Both SPY072 doses produced statistically significant improvements versus placebo on at least one key measure, including DAS28-CRP, ACR20, and exploratory ACR50 endpoints. The results support continued development of SPY072 and Spyre’s broader immunology pipeline. Spyre Announces Topline Results from the Rheumatoid Arthritis Sub-study
• Positive Sentiment: Wedbush maintained an Outperform rating while lowering its price target to $123 from $130. BTIG Research likewise maintained a Buy rating and reduced its target to $121 from $132. Both targets imply substantial upside from recent trading levels, although the reductions indicate more cautious expectations. Wedbush Adjusts Price Target on Spyre Therapeutics
• Neutral Sentiment: Brokerage coverage remains generally favorable, with Spyre receiving an average “Moderate Buy” recommendation. However, the mixed target-price revisions suggest analysts are incorporating greater near-term uncertainty following the trial update. Spyre Receives Moderate Buy Recommendation
• Negative Sentiment: The market reaction to the SPY072 rheumatoid arthritis data was sharply negative, making the trial readout the principal apparent catalyst for the decline. Spyre’s high valuation means investors may demand especially strong and clearly differentiated clinical results from upcoming readouts.

Institutional Investors Weigh In On Spyre Therapeutics

Hedge funds have recently modified their holdings of the business. California State Teachers Retirement System boosted its position in Spyre Therapeutics by 9,594.0% during 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 during the last quarter. Perceptive Advisors LLC raised its holdings in Spyre Therapeutics by 149.6% in the 4th quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company's stock valued at $100,548,000 after acquiring an additional 1,839,780 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Spyre Therapeutics by 13,969.3% in the 4th quarter. Janus Henderson Group PLC now owns 1,829,009 shares of the company's stock worth $59,918,000 after purchasing an additional 1,816,009 shares in the last quarter. RA Capital Management L.P. purchased a new position in Spyre Therapeutics in the 4th quarter worth approximately $53,124,000. Finally, Remedium Capital Partners LLC acquired a new position in shares of Spyre Therapeutics during the 4th quarter worth approximately $47,706,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Spyre Therapeutics Trading Down 11.5%

The company has a fifty day moving average price of $98.16 and a two-hundred day moving average price of $71.79. The firm has a market capitalization of $8.35 billion, a price-to-earnings ratio of -48.49 and a beta of 3.03.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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