Spyre Therapeutics (NASDAQ:SYRE) Price Target Raised to $95.00 at JonesTrading

Key Points

• JonesTrading raised its price target on Spyre Therapeutics to $95 (from $64) and kept a buy rating, implying roughly a 30.47% upside; the consensus analyst average target is $85.08 with most analysts rating the stock “Buy.”
• Shares jumped about 4.5% to $72.82 midday and the company has a market cap of $5.74 billion and a 12‑month high of $75, but Spyre remains unprofitable after reporting ($0.70) EPS that missed estimates and a consensus forecast of -4.46 EPS for the year.
• Insiders sold 62,958 shares (~$2.73M) over the past three months, including CEO Cameron Turtle selling 15,000 shares under a Rule 10b5‑1 plan, though insiders still own 15.43% and institutions own about 80.39% of the stock.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) had its price target upped by investment analysts at JonesTrading from $64.00 to $95.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. JonesTrading's target price would suggest a potential upside of 30.47% from the stock's previous close.

A number of other analysts have also issued reports on the company. Mizuho raised Spyre Therapeutics to a "strong-buy" rating in a research report on Thursday, December 18th. Deutsche Bank Aktiengesellschaft boosted their target price on Spyre Therapeutics from $55.00 to $88.00 and gave the company a "buy" rating in a research report on Tuesday. Robert W. Baird raised their target price on Spyre Therapeutics from $65.00 to $90.00 and gave the company an "outperform" rating in a report on Tuesday. Raymond James Financial started coverage on Spyre Therapeutics in a report on Monday. They set a "strong-buy" rating and a $80.00 target price for the company. Finally, Wedbush upped their target price on shares of Spyre Therapeutics from $65.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $85.08.

Spyre Therapeutics Stock Up 4.5%

Shares of Spyre Therapeutics stock traded up $3.12 during mid-day trading on Friday, hitting $72.82. The stock had a trading volume of 143,027 shares, compared to its average volume of 874,322. The firm has a 50-day moving average of $44.52 and a two-hundred day moving average of $33.58. Spyre Therapeutics has a 12-month low of $12.28 and a 12-month high of $75.00. The firm has a market cap of $5.74 billion, a P/E ratio of -34.96 and a beta of 2.93.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its earnings results on Thursday, February 19th. The company reported ($0.70) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.04). Sell-side analysts expect that Spyre Therapeutics will post -4.46 earnings per share for the current year.

Insider Transactions at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $49.33, for a total value of $739,950.00. Following the transaction, the chief executive officer owned 627,540 shares in the company, valued at approximately $30,956,548.20. This represents a 2.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 7,958 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $50.00, for a total value of $397,900.00. Following the completion of the transaction, the insider owned 7,958 shares in the company, valued at approximately $397,900. The trade was a 50.00% decrease in their position. 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 sold 62,958 shares of company stock valued at $2,734,375. Insiders own 15.43% of the company's stock.

Institutional Trading of Spyre Therapeutics

Several institutional investors have recently modified their holdings of SYRE. Persistent Asset Partners Ltd purchased a new position in shares of Spyre Therapeutics during the fourth quarter worth about $74,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Spyre Therapeutics by 61.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company's stock valued at $124,000 after buying an additional 1,435 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in 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 during the last quarter. Tower Research Capital LLC TRC grew its position in Spyre Therapeutics by 182.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company's stock worth $86,000 after purchasing an additional 3,725 shares during the last quarter. Finally, High Net Worth Advisory Group LLC purchased a new position in Spyre Therapeutics during the 1st quarter worth $303,000. Hedge funds and other 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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