Spyre Therapeutics (NASDAQ:SYRE) Stock Jumps 7.3% - Here's What Happened

Key Points

• Spyre Therapeutics shares jumped 7.3% to about $85.74 in midday trading, although volume was 62% below the stock’s average daily level.
• Analyst sentiment remains broadly positive: the stock carries a “Moderate Buy” consensus rating and an average price target of $109.71, with recent targets ranging from $110 to $130.
• The company exceeded quarterly expectations, reporting a loss of $0.36 per share versus the consensus estimate of $0.76, while insiders sold 183,564 shares worth approximately $16.9 million over the past quarter.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price rose 7.3% on Friday. The stock traded as high as $85.45 and last traded at $85.7420. Approximately 436,268 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 1,133,173 shares. The stock had previously closed at $79.90.

Analysts Set New Price Targets

SYRE has been the topic of a number of recent analyst reports. Guggenheim increased their price objective on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Spyre Therapeutics in a research note on Tuesday, September 1st. JPMorgan Chase & Co. started coverage on Spyre Therapeutics in a research note on Thursday, October 1st. They issued an "overweight" rating and a $110.00 price target on the stock. Wedbush reaffirmed an "outperform" rating and set a $123.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, September 9th. Finally, Wolfe Research downgraded Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Spyre Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $109.71.

Spyre Therapeutics Trading Up 7.7%

The firm has a market capitalization of $7.56 billion, a PE ratio of -44.12 and a beta of 3.10. The company has a fifty day moving average price of $94.40 and a two-hundred day moving average price of $82.84.

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

Insider Buying and Selling 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 shares were sold at an average price of $104.55, for a total value of $1,881,900.00. Following the completion of the sale, the director owned 9,360 shares in the company, valued at $978,588. This represents a 65.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heidy King-Jones sold 28,933 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the sale, the insider owned 2,845 shares of the company's stock, valued at approximately $258,980.35. This represents a 91.05% 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 quarter, insiders sold 183,564 shares of company stock valued at $16,903,193. Insiders own 15.69% of the company's stock.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC increased its position in Spyre Therapeutics by 24.4% in the 3rd quarter. GAMMA Investing LLC now owns 825 shares of the company's stock valued at $73,000 after acquiring an additional 162 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Spyre Therapeutics in the 2nd quarter valued at approximately $3,416,000. Integrated Wealth Concepts LLC acquired a new position in shares of Spyre Therapeutics in the second quarter valued at approximately $31,000. Maven Securities LTD acquired a new position in shares of Spyre Therapeutics in the second quarter valued at approximately $3,551,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Spyre Therapeutics during the second quarter worth approximately $12,394,000. 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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