Spyre Therapeutics (NASDAQ:SYRE) Stock Falls 12.7% - Should You Sell?

Key Points

• Spyre Therapeutics shares fell 12.7% in mid-day trading to about $80.97, with trading volume 52% below its average. The stock has a $7.11 billion market capitalization and a high beta of 3.10.
• Despite the selloff, analysts maintain a “Moderate Buy” consensus with an average price target of $109.71, implying substantial upside from the trading price. The company also exceeded quarterly earnings expectations, reporting a $0.36 loss per share versus the projected $0.76 loss.
• Insiders sold 183,564 shares worth approximately $16.9 million over the past three months, 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 fell 12.7% during mid-day trading on Tuesday. The stock traded as low as $83.19 and last traded at $80.9730. 525,932 shares changed hands during trading, a decline of 52% from the average daily volume of 1,100,812 shares. The stock had previously closed at $92.72.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. Wedbush reiterated an "outperform" rating and set a $123.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. Guggenheim increased their price objective on Spyre Therapeutics from $115.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Mizuho raised their target price on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. initiated coverage on Spyre Therapeutics in a report on Thursday, October 1st. They set an "overweight" rating and a $110.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $109.71.

Spyre Therapeutics Stock Down 12.8%

The company has a 50-day moving average of $95.57 and a 200 day moving average of $82.04. The firm has a market capitalization of $7.11 billion, a PE ratio of -41.60 and a beta of 3.10.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.40. As a group, equities analysts anticipate that Spyre Therapeutics, Inc. will post -2.71 EPS for the current fiscal year.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, Director Jeffrey W. Albers sold 18,000 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $104.55, for a total value of $1,881,900.00. Following the completion of the transaction, the director owned 9,360 shares of the company's stock, valued at $978,588. The trade was a 65.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.83, for a total transaction of $688,725.00. Following the completion of the transaction, the chief financial officer directly owned 79,762 shares in the company, valued at $7,324,544.46. The trade was a 8.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 183,564 shares of company stock valued at $16,903,193. Company insiders own 15.69% of the company's stock.

Institutional Trading of Spyre Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Summit Securities Group LLC bought a new position in Spyre Therapeutics in the first quarter valued at $28,000. Integrated Wealth Concepts LLC bought a new stake in Spyre Therapeutics during the second quarter worth about $31,000. GAMMA Investing LLC boosted its holdings in shares of Spyre Therapeutics by 26.8% in the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company's stock worth $59,000 after purchasing an additional 140 shares in the last quarter. KBC Group NV purchased a new position in shares of Spyre Therapeutics in the 1st quarter worth about $69,000. Finally, ABS Direct Equity Fund LLC bought a new position in shares of Spyre Therapeutics during the 1st quarter valued at about $141,000. 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 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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