Spyre Therapeutics, Inc. (NASDAQ:SYRE) Receives Consensus Rating of "Buy" from Brokerages

Key Points

• Spyre Therapeutics, Inc. (NASDAQ:SYRE) has received a consensus rating of "Buy" from nine brokerages, with an average 12-month price target of $54.29.
• The company recently reported a quarterly earnings per share of ($0.49), surpassing analysts' expectations of ($0.73).
• Insider transactions show CFO Scott L. Burrows sold 18,428 shares, reducing his holdings by 15.83%, while 80.39% of the stock is owned by institutional investors.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) has received a consensus recommendation of "Buy" from the nine brokerages that are covering the stock, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $54.2857.

Several research analysts have commented on SYRE shares. Wedbush reissued an "outperform" rating and set a $65.00 target price on shares of Spyre Therapeutics in a research note on Wednesday, August 6th. Wall Street Zen raised Spyre Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday. BTIG Research reissued a "buy" rating and set a $70.00 target price on shares of Spyre Therapeutics in a research note on Tuesday, September 16th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Spyre Therapeutics in a research note on Friday. They set a "buy" rating and a $43.00 target price for the company.

Spyre Therapeutics Trading Up 0.7%

Shares of NASDAQ SYRE opened at $16.36 on Tuesday. The firm has a market capitalization of $988.14 million, a PE ratio of -4.81 and a beta of 2.87. Spyre Therapeutics has a 1 year low of $10.91 and a 1 year high of $40.26. The firm's 50-day moving average is $16.40 and its 200-day moving average is $15.68.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($0.73) by $0.24. As a group, equities research analysts anticipate that Spyre Therapeutics will post -4.46 earnings per share for the current fiscal year.

Insider Activity

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 18,428 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.26, for a total transaction of $299,639.28. Following the completion of the sale, the chief financial officer owned 97,994 shares of the company's stock, valued at approximately $1,593,382.44. This represents a 15.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Spyre Therapeutics by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 2,898,267 shares of the company's stock worth $46,764,000 after buying an additional 51,794 shares in the last quarter. Paradigm Biocapital Advisors LP increased its holdings in Spyre Therapeutics by 39.3% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 2,127,205 shares of the company's stock worth $34,322,000 after acquiring an additional 600,000 shares during the last quarter. Jefferies Financial Group Inc. boosted its stake in Spyre Therapeutics by 11.2% in the 2nd quarter. Jefferies Financial Group Inc. now owns 1,388,854 shares of the company's stock worth $20,791,000 after purchasing an additional 140,000 shares during the period. Geode Capital Management LLC boosted its stake in Spyre Therapeutics by 15.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,227,232 shares of the company's stock worth $18,373,000 after purchasing an additional 167,669 shares during the period. Finally, Franklin Resources Inc. boosted its position in shares of Spyre Therapeutics by 4.6% during the 2nd quarter. Franklin Resources Inc. now owns 795,275 shares of the company's stock valued at $11,905,000 after acquiring an additional 34,647 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors.

About Spyre Therapeutics

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).

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