Spyre Therapeutics (NASDAQ:SYRE) Director Sells 18,000 Shares

Key Points

• Director Jeffrey Albers sold 18,000 Spyre Therapeutics shares at an average price of $104.55, generating $1.88 million. The Rule 10b5-1 transaction reduced his holdings by 65.79% to 9,360 shares.
• Spyre shares traded near record levels at $105.33, with a market capitalization of $9.26 billion and a 52-week range of $14.51 to $108.14. The company also exceeded quarterly earnings expectations, reporting a loss of $0.36 per share versus the projected $0.76 loss.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $110.15, while institutional investors own 80.39% of the stock.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) Director Jeffrey Albers sold 18,000 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the transaction, 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 accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Spyre Therapeutics Stock Performance

Shares of NASDAQ:SYRE traded up $0.42 during trading hours on Monday, hitting $105.33. 822,679 shares of the company's stock traded hands, compared to its average volume of 999,524. Spyre Therapeutics, Inc. has a 52 week low of $14.51 and a 52 week high of $108.14. The company has a market cap of $9.26 billion, a price-to-earnings ratio of -54.02 and a beta of 3.03. The company's fifty day simple moving average is $91.86 and its two-hundred day simple moving average is $66.16.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.40. On average, analysts anticipate that Spyre Therapeutics, Inc. will post -2.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SYRE shares. Jefferies Financial Group upped their price objective on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Wall Street Zen raised Spyre Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday. Wedbush lifted their price target on shares of Spyre Therapeutics from $100.00 to $130.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. Finally, BTIG Research increased their target price on Spyre Therapeutics from $98.00 to $112.00 and gave the stock a "buy" rating in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $110.15.

Institutional Trading of Spyre Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of SYRE. Perceptive Advisors LLC boosted its holdings in Spyre Therapeutics by 149.6% in the 4th quarter. Perceptive Advisors LLC now owns 3,069,225 shares of the company's stock valued at $100,548,000 after purchasing an additional 1,839,780 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Spyre Therapeutics by 13,969.3% during the fourth quarter. Janus Henderson Group PLC now owns 1,829,009 shares of the company's stock worth $59,918,000 after purchasing an additional 1,816,009 shares during the period. RA Capital Management L.P. acquired a new stake in shares of Spyre Therapeutics in the fourth quarter valued at approximately $53,124,000. Remedium Capital Partners LLC acquired a new stake in shares of Spyre Therapeutics in the fourth quarter valued at approximately $47,706,000. Finally, TCG Crossover Management LLC bought a new stake in shares of Spyre Therapeutics in the third quarter valued at approximately $18,446,000. 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.

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