Spyre Therapeutics (NASDAQ:SYRE) Stock Price Up 7.1% - What's Next?

Key Points

• Spyre Therapeutics shares rose 7.1% to approximately $85.59, although trading volume was 63% below the average session volume.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $110.40, despite some target reductions and one downgrade.
• The company exceeded quarterly EPS expectations, reporting a loss of $0.36 per share versus the projected $0.76 loss. However, insiders sold 183,564 shares worth $16.9 million during the last quarter.

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shot up 7.1% during trading on Monday. The stock traded as high as $84.84 and last traded at $85.5910. 415,933 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 1,136,495 shares. The stock had previously closed at $79.90.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SYRE. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Spyre Therapeutics from $135.00 to $127.00 and set a "buy" rating on the stock in a report on Wednesday, August 26th. BTIG Research reissued a "buy" rating and set a $121.00 price target on shares of Spyre Therapeutics in a report on Thursday, October 1st. Wolfe Research downgraded shares of Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, July 28th. UBS Group initiated coverage on Spyre Therapeutics in a report on Sunday, October 11th. They issued a "buy" rating and a $120.00 price objective on the stock. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Spyre Therapeutics in a research report on Tuesday, September 1st. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $110.40.

Spyre Therapeutics Stock Performance

The company's fifty day simple moving average is $91.99 and its two-hundred day simple moving average is $84.39. The stock has a market capitalization of $8.72 billion, a PE ratio of -43.84 and a beta of 3.10.

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

Insider Buying and Selling at Spyre Therapeutics

In related news, CFO Scott Burrows sold 18,232 shares of Spyre Therapeutics stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the completion of the transaction, the chief financial officer directly owned 79,762 shares in the company, valued at $7,126,734.70. The trade was a 18.61% decrease in their position. The sale was disclosed in a document filed 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, Director Jeffrey Albers sold 18,000 shares of Spyre Therapeutics stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $104.55, for a total value of $1,881,900.00. Following the transaction, the director owned 9,360 shares of the company's stock, valued at $978,588. This represents a 65.79% 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 quarter, insiders sold 183,564 shares of company stock valued at $16,903,193. Company insiders own 15.69% of the company's stock.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Spyre Therapeutics during the 2nd quarter worth about $999,000. Squarepoint Ops LLC acquired a new position in Spyre Therapeutics in the 2nd quarter valued at about $12,394,000. Maven Securities LTD purchased a new position in Spyre Therapeutics in the 2nd quarter valued at about $3,551,000. Perceptive Advisors LLC lifted its holdings in Spyre Therapeutics by 23.3% in the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company's stock valued at $190,826,000 after purchasing an additional 714,000 shares in the last quarter. Finally, Handelsbanken Fonder AB purchased a new position in Spyre Therapeutics in the 2nd quarter valued at about $2,308,000. 80.39% of the stock is owned by institutional investors and hedge funds.

About Spyre Therapeutics

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn's disease and ulcerative colitis. The company's approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre's investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.

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