Spyre Therapeutics (NASDAQ:SYRE) Hits New 52-Week High - Here's What Happened

Key Points

• Spyre Therapeutics shares hit a new 52-week high of $108.52, up from a prior close of $104.60, giving the company a market capitalization of approximately $9.46 billion.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $111.69; several firms recently raised targets to $120.
• The company beat quarterly EPS expectations, reporting a loss of $0.36 versus the projected loss of $0.76, while insiders sold $12.8 million worth of shares over the past quarter.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $108.52 and last traded at $107.7840, with a volume of 444254 shares trading hands. The stock had previously closed at $104.60.

Wall Street Analysts Forecast Growth

SYRE has been the subject of a number of analyst reports. Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Mizuho boosted their price target on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Stifel Nicolaus boosted their price target on Spyre Therapeutics from $92.00 to $107.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Wolfe Research downgraded Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a report on Tuesday, July 28th. Finally, Wall Street Zen lowered Spyre Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $111.69.

Spyre Therapeutics Stock Performance

The firm has a market capitalization of $9.46 billion, a P/E ratio of -55.31 and a beta of 3.03. The stock has a fifty day moving average price of $94.87 and a two-hundred day moving average price of $68.63.

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

Insider Buying and Selling at Spyre Therapeutics

In related news, Director Michael Thomas Henderson sold 20,000 shares of the company's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the director directly owned 68,606 shares in the company, valued at $6,860,600. This represents a 22.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $95.51, for a total value of $1,432,650.00. Following the completion of the sale, the chief executive officer directly owned 567,540 shares in the company, valued at $54,205,745.40. This represents a 2.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 142,167 shares of company stock worth $12,779,292. 15.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SYRE. Capital International Investors lifted its position in Spyre Therapeutics by 46.0% in the 4th quarter. Capital International Investors now owns 3,492,541 shares of the company's stock valued at $114,416,000 after purchasing an additional 1,100,000 shares during the last quarter. Vanguard Group Inc. grew its position in Spyre Therapeutics by 32.3% in the 4th quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company's stock worth $132,189,000 after purchasing an additional 984,344 shares during the last quarter. Seven Grand Managers LLC acquired a new stake in shares of Spyre Therapeutics in the fourth quarter valued at approximately $3,276,000. UBS Group AG increased its stake in shares of Spyre Therapeutics by 76.5% in the fourth quarter. UBS Group AG now owns 680,566 shares of the company's stock valued at $22,295,000 after purchasing an additional 294,977 shares during the period. Finally, PSP Research LLC bought a new stake in shares of Spyre Therapeutics during the fourth quarter valued at approximately $519,000. Institutional investors and hedge funds own 80.39% of the company's stock.

About Spyre Therapeutics

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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