Spyre Therapeutics (NASDAQ:SYRE) Hits New 1-Year High After Analyst Upgrade

Key Points

• Spyre Therapeutics hit a new 52-week high after Mizuho lifted its price target to $120 from $84 and kept an outperform rating. The stock traded as high as $102.46, up sharply on the day.
• Other analysts have also turned more positive, including Deutsche Bank raising its target to $135 and BTIG to $112. Overall, the stock has a consensus rating of Moderate Buy with an average price target of $101.42.
• Insiders have been selling shares recently, with CEO Cameron Turtle and CFO Scott L. Burrows both making Rule 10b5-1 sales on July 1. In the last 90 days, insiders sold 282,500 shares worth about $21.7 million.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday after Mizuho raised their price target on the stock from $84.00 to $120.00. Mizuho currently has an outperform rating on the stock. Spyre Therapeutics traded as high as $102.46 and last traded at $102.7830, with a volume of 439296 shares trading hands. The stock had previously closed at $93.73.

A number of other brokerages have also issued reports on SYRE. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the company a "buy" rating in a report on Tuesday, June 23rd. BTIG Research boosted their target price on shares of Spyre Therapeutics from $98.00 to $112.00 and gave the company a "buy" rating in a report on Monday, June 15th. Wall Street Zen cut shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, April 26th. Weiss Ratings reissued a "sell (d-)" rating on shares of Spyre Therapeutics in a research note on Thursday, June 4th. Finally, Jefferies Financial Group raised their price target 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. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Spyre Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $101.42.

Insiders Place Their Bets

In related news, CEO Cameron Turtle sold 15,000 shares of the business's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $87.69, for a total value of $1,315,350.00. Following the sale, the chief executive officer directly owned 582,540 shares in the company, valued at approximately $51,082,932.60. The trade was a 2.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $87.74, for a total transaction of $658,050.00. Following the completion of the transaction, the chief financial officer directly owned 97,994 shares in the company, valued at $8,597,993.56. The trade was a 7.11% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 282,500 shares of company stock valued at $21,741,101 over the last 90 days. Company insiders own 15.69% of the company's stock.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds have recently made changes to their positions in SYRE. Summit Securities Group LLC purchased a new stake in Spyre Therapeutics in the first quarter valued at approximately $28,000. GAMMA Investing LLC boosted its position in shares of 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 buying an additional 140 shares during the period. KBC Group NV purchased a new position in shares of Spyre Therapeutics during the first quarter worth $69,000. Russell Investments Group Ltd. grew its stake in shares of Spyre Therapeutics by 2,881.7% in the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company's stock valued at $71,000 after buying an additional 4,092 shares in the last quarter. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Spyre Therapeutics in the 4th quarter valued at $74,000. Hedge funds and other institutional investors own 80.39% of the company's stock.

Spyre Therapeutics Trading Up 9.6%

The company has a fifty day moving average of $80.90 and a 200-day moving average of $56.52. The stock has a market cap of $9.03 billion, a PE ratio of -49.30 and a beta of 3.02.

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

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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