Spyre Therapeutics (NASDAQ:SYRE) Insider Sells $5,600,809.50 in Stock

Key Points

• Insider Sheldon Sloan sold 78,333 shares on May 1 at $71.50 for a total of $5,600,809.50, cutting his stake by about 50% in a transaction disclosed to the SEC and executed under a pre-arranged Rule 10b5-1 trading plan.
• Despite the sale, Wall Street remains broadly optimistic—SYRE traded at $69.42 and has an average analyst target of $85.08 with mostly Buy/Strong Buy ratings—although the company is still unprofitable (last quarter EPS of -$0.70).

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) insider Sheldon Sloan sold 78,333 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $71.50, for a total transaction of $5,600,809.50. Following the sale, the insider owned 78,333 shares of the company's stock, valued at $5,600,809.50. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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.

Sheldon Sloan also recently made the following trade(s):

• On Wednesday, April 1st, Sheldon Sloan sold 7,958 shares of Spyre Therapeutics stock. The shares were sold at an average price of $50.00, for a total value of $397,900.00.

Spyre Therapeutics Stock Performance

Shares of NASDAQ SYRE traded down $5.03 during trading hours on Friday, reaching $69.42. 1,463,178 shares of the stock were exchanged, compared to its average volume of 1,426,069. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of -33.38 and a beta of 3.12. The stock's fifty day simple moving average is $51.75 and its 200 day simple moving average is $37.36. Spyre Therapeutics, Inc. has a 52 week low of $12.28 and a 52 week high of $76.00.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings data on Thursday, February 19th. The company reported ($0.70) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.04). Research analysts predict that Spyre Therapeutics, Inc. will post -2.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SYRE. Summit Securities Group LLC acquired a new stake in Spyre Therapeutics in the first quarter valued at about $28,000. Persistent Asset Partners Ltd bought a new position in Spyre Therapeutics in the 4th quarter valued at approximately $74,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Spyre Therapeutics by 61.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company's stock worth $124,000 after buying an additional 1,435 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of Spyre Therapeutics during the first quarter worth $196,000. Finally, Russell Investments Group Ltd. lifted its stake in shares of Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company's stock valued at $71,000 after acquiring an additional 4,092 shares during the last quarter. Institutional investors own 80.39% of the company's stock.

Wall Street Analyst Weigh In

SYRE has been the subject of a number of recent research reports. BTIG Research boosted their price objective on shares of Spyre Therapeutics from $70.00 to $98.00 and gave the company a "buy" rating in a report on Monday, April 13th. JonesTrading raised their price objective on Spyre Therapeutics from $64.00 to $95.00 and gave the stock a "buy" rating in a research note on Friday, April 17th. Wedbush upped their target price on Spyre Therapeutics from $65.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Raymond James Financial assumed coverage on Spyre Therapeutics in a research report on Monday, April 13th. They issued a "strong-buy" rating and a $80.00 price target on the stock. Finally, Leerink Partners boosted their price target on Spyre Therapeutics from $49.00 to $106.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Spyre Therapeutics currently has an average rating of "Buy" and an average target price of $85.08.

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.

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