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

Key Points

• Analyst sentiment is broadly positive: Fifteen brokerages give Spyre Therapeutics a consensus “Moderate Buy” rating, with 12 buys, one strong buy, one hold and one sell. The average 12-month price target is $111.69, while Deutsche Bank and BTIG recently raised their targets to $135 and $132, respectively.
• The stock has surged and remains volatile: Shares opened at $107.79, near their 52-week high of $110.18, with a market capitalization of approximately $9.48 billion and a beta of 3.03. The stock’s 50-day and 200-day moving averages are $96.71 and $70.22.
• Quarterly results beat expectations, but insiders have been selling: Spyre reported a quarterly loss of $0.36 per share, better than the expected $0.76 loss. Insiders sold 142,167 shares worth about $12.8 million over the past 90 days, while institutional investors own 80.39% of the company.

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) have received an average recommendation of "Moderate Buy" from the fifteen ratings firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, twelve have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $111.6923.

A number of research firms recently weighed in on SYRE. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. BTIG Research upped their price objective on Spyre Therapeutics from $112.00 to $132.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Wolfe Research cut Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, July 28th. Weiss Ratings restated a "sell (d-)" rating on shares of Spyre Therapeutics in a research report on Thursday, June 4th. Finally, Robert W. Baird set a $120.00 price target on shares of Spyre Therapeutics in a report on Wednesday, August 5th.

Spyre Therapeutics Stock Down 1.0%

NASDAQ SYRE opened at $107.79 on Friday. The firm has a 50 day moving average of $96.71 and a two-hundred day moving average of $70.22. The stock has a market capitalization of $9.48 billion, a PE ratio of -55.28 and a beta of 3.03. Spyre Therapeutics has a 52 week low of $14.51 and a 52 week high of $110.18.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.76) by $0.40. On average, equities research analysts expect that Spyre Therapeutics will post -2.62 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Sheldon Sloan sold 8,334 shares of the firm's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total value of $730,891.80. Following the completion of the transaction, the insider owned 8,334 shares in the company, valued at $730,891.80. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 15,000 shares of Spyre Therapeutics stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $87.13, for a total value of $1,306,950.00. Following the transaction, the chief financial officer directly owned 97,994 shares of the company's stock, valued at $8,538,217.22. This trade represents a 13.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 142,167 shares of company stock valued at $12,779,292 in the last 90 days. Insiders own 15.69% of the company's stock.

Institutional Trading of Spyre Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its stake in Spyre Therapeutics by 26.8% during the second quarter. GAMMA Investing LLC now owns 663 shares of the company's stock worth $59,000 after acquiring an additional 140 shares in the last quarter. Optimize Financial Inc lifted its holdings in Spyre Therapeutics by 1.5% during the 4th quarter. Optimize Financial Inc now owns 25,331 shares of the company's stock valued at $830,000 after purchasing an additional 364 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in Spyre Therapeutics by 0.5% in the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company's stock valued at $1,788,000 after buying an additional 522 shares in the last quarter. Summit Securities Group LLC acquired a new position in Spyre Therapeutics in the first quarter valued at about $28,000. Finally, California State Teachers Retirement System raised its stake in shares of Spyre Therapeutics by 1.8% in the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company's stock valued at $497,000 after acquiring an additional 603 shares during the last quarter. 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 the discovery and development of novel immunotherapies for cancer. The company leverages proprietary protein engineering and biologics design platforms to create targeted molecules intended to enhance anti-tumor immune responses and inhibit tumor growth. Its preclinical pipeline comprises multiple candidate therapies for solid tumor and hematologic oncology indications.

Established by a team with deep expertise in protein design, immunology and translational research, Spyre Therapeutics collaborates with leading academic institutions and research organizations to accelerate its discovery efforts.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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