Spyre Therapeutics (NASDAQ:SYRE) Cut to "Peer Perform" at Wolfe Research

Key Points

• Wolfe Research downgraded Spyre Therapeutics from “outperform” to “peer perform,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $101.42.
• Shares opened at $100.04 after falling 2%, near the company’s 52-week high of $105.09. Spyre reported a quarterly loss of $0.74 per share, missing analyst expectations of a $0.66 loss.
• Insiders have sold 282,500 shares worth approximately $21.7 million over the past three months, while institutional investors own 80.39% of the stock; major funds including Perceptive Advisors and Bank of America increased their positions.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) was downgraded by equities research analysts at Wolfe Research from an "outperform" rating to a "peer perform" rating in a research report issued on Tuesday, Marketbeat Ratings reports.

Other research analysts have also recently issued research reports about the stock. Stifel Nicolaus upped their target price on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the company a "buy" rating in a research report on Wednesday, May 6th. BTIG Research boosted their price target on shares of Spyre Therapeutics from $98.00 to $112.00 and gave the company a "buy" rating in a research note on Monday, June 15th. Leerink Partners upped their price objective on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an "outperform" rating in a report on Monday, April 13th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. Finally, Wedbush reiterated an "outperform" rating and issued a $100.00 target price on shares of Spyre Therapeutics in a report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Spyre Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $101.42.

Spyre Therapeutics Stock Down 2.0%

SYRE stock opened at $100.04 on Tuesday. Spyre Therapeutics has a 52-week low of $14.51 and a 52-week high of $105.09. The stock has a market cap of $8.80 billion, a price-to-earnings ratio of -48.10 and a beta of 3.02. The business has a fifty day moving average of $86.02 and a two-hundred day moving average of $61.28.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). As a group, sell-side analysts anticipate that Spyre Therapeutics will post -2.86 EPS for the current year.

Insider Buying and Selling at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 15,000 shares of the company's stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $87.13, for a total transaction of $1,306,950.00. Following the sale, the chief financial officer owned 97,994 shares of the company's stock, valued at approximately $8,538,217.22. This represents a 13.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sheldon Sloan sold 78,333 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $71.50, for a total value of $5,600,809.50. Following the completion of the sale, the insider owned 78,333 shares in the company, valued at approximately $5,600,809.50. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 282,500 shares of company stock worth $21,741,101. 15.69% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds have recently bought and sold shares of SYRE. Handelsbanken Fonder AB acquired a new position in shares of Spyre Therapeutics during the second quarter worth about $2,308,000. GAMMA Investing LLC raised its holdings in Spyre Therapeutics by 26.8% in the second quarter. GAMMA Investing LLC now owns 663 shares of the company's stock valued at $59,000 after acquiring an additional 140 shares in the last quarter. Seven Fleet Capital Management LP acquired a new stake in Spyre Therapeutics in the first quarter valued at approximately $993,000. Perceptive Advisors LLC raised its holdings in Spyre Therapeutics by 23.3% in the first quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company's stock valued at $190,826,000 after acquiring an additional 714,000 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Spyre Therapeutics by 192.6% in the first quarter. Bank of America Corp DE now owns 1,228,093 shares of the company's stock worth $61,945,000 after acquiring an additional 808,366 shares during the last quarter. Institutional investors and hedge funds 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.

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