Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up - Time to Buy?

Key Points

• Spyre Therapeutics shares jumped 6.6%, opening at $88.64 after closing at $84.72, and last traded near $90.41. The company has a market capitalization of approximately $7.94 billion and remains unprofitable, with a reported quarterly loss of $0.36 per share.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $109.69. Recent targets range from $115 to $127, although Deutsche Bank lowered its target from $135 to $127.
• Insiders sold more than 114,000 shares worth approximately $10.6 million over the past 90 days, while institutional investors own 80.39% of the stock. Spyre is a clinical-stage biotechnology company developing antibody treatments for inflammatory bowel diseases, including ulcerative colitis and Crohn’s disease.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price gapped up prior to trading on Wednesday. The stock had previously closed at $84.72, but opened at $88.64. Spyre Therapeutics shares last traded at $90.4130, with a volume of 259,548 shares trading hands.

Analysts Set New Price Targets

SYRE has been the subject of several recent research reports. Wells Fargo & Company increased their price target on Spyre Therapeutics from $90.00 to $115.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. BTIG Research restated a "buy" rating and set a $121.00 price objective on shares of Spyre Therapeutics in a research report on Tuesday, September 8th. Robert W. Baird set a $120.00 target price on shares of Spyre Therapeutics in a research note on Wednesday, August 5th. Wedbush reaffirmed an "outperform" rating and issued a $123.00 target price on shares of Spyre Therapeutics in a report on Wednesday, September 9th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Spyre Therapeutics from $135.00 to $127.00 and set a "buy" rating on the stock in a research note on Wednesday, August 26th. One research 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $109.69.

Spyre Therapeutics Trading Up 6.6%

The stock's 50 day moving average price is $96.30 and its two-hundred day moving average price is $80.65. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of -46.30 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.40. On average, sell-side analysts forecast that Spyre Therapeutics, Inc. will post -2.71 earnings per share for the current fiscal year.

Insider Activity at Spyre Therapeutics

In related news, CFO Scott L. Burrows sold 18,232 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The stock was 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 in the company, valued at $7,126,734.70. This represents a 18.61% decrease in their position. The transaction 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Heidy King-Jones sold 27,999 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $87.31, for a total value of $2,444,592.69. Following the completion of the transaction, the insider directly owned 2,845 shares of the company's stock, valued at $248,396.95. The trade was a 90.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 114,631 shares of company stock valued at $10,627,472. 15.69% of the stock is currently owned by corporate insiders.

Institutional Trading of Spyre Therapeutics

A number of institutional investors have recently bought and sold shares of SYRE. Perceptive Advisors LLC increased its stake in shares of Spyre Therapeutics by 149.6% during the 4th quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company's stock worth $100,548,000 after purchasing an additional 1,839,780 shares in the last quarter. Capital International Investors raised its position in shares of Spyre Therapeutics by 46.0% during the 4th quarter. Capital International Investors now owns 3,492,541 shares of the company's stock worth $114,416,000 after purchasing an additional 1,100,000 shares during the last quarter. Bank of America Corp DE lifted its stake in Spyre Therapeutics by 192.6% in the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company's stock valued at $61,945,000 after buying an additional 808,366 shares in the last quarter. Commodore Capital LP lifted its stake in Spyre Therapeutics by 20.1% in the 4th quarter. Commodore Capital LP now owns 2,388,245 shares of the company's stock valued at $78,239,000 after buying an additional 400,161 shares in the last quarter. Finally, ADAR1 Capital Management LLC grew its holdings in Spyre Therapeutics by 893.6% during the 1st quarter. ADAR1 Capital Management LLC now owns 338,323 shares of the company's stock valued at $17,065,000 after buying an additional 304,272 shares during the last quarter. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn's disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre's pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).

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