Spyre Therapeutics (NASDAQ:SYRE) Price Target Raised to $97.00 at Citigroup

Key Points

• Citigroup raised its price target on Spyre Therapeutics from $64 to $97 and maintained a "buy" rating, implying roughly a 32.9% upside from the prior close.
• Analyst sentiment is broadly positive—two Strong Buy, ten Buy and one Sell—with a consensus rating of "Buy" and an average price target of $89.08, while several firms (Stifel, JonesTrading, Baird, Jefferies) recently lifted targets.
• Shares traded at $73 on Wednesday after the company missed quarterly EPS (−$0.74 vs. −$0.66), and insiders have sold about 153,791 shares (~$9.8M) in the past 90 days.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) had its target price hoisted by analysts at Citigroup from $64.00 to $97.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price objective points to a potential upside of 32.87% from the company's previous close.

Several other analysts have also recently issued reports on the stock. JonesTrading increased their target price on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the stock a "buy" rating in a research note on Friday, April 17th. Wall Street Zen lowered shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday, April 26th. Robert W. Baird increased their price target on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an "outperform" rating in a report on Tuesday, April 14th. Jefferies Financial Group increased 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. Finally, Stifel Nicolaus increased their price target on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the stock a "buy" rating in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $89.08.

Spyre Therapeutics Stock Performance

NASDAQ SYRE traded up $1.99 on Wednesday, hitting $73.00. The stock had a trading volume of 447,603 shares, compared to its average volume of 930,393. Spyre Therapeutics has a 52-week low of $12.28 and a 52-week high of $76.00. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of -35.10 and a beta of 3.12. The firm has a 50-day moving average of $52.30 and a 200-day moving average of $37.95.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.08). As a group, research analysts anticipate that Spyre Therapeutics will post -2.8 earnings per share for the current fiscal year.

Insider Activity at Spyre Therapeutics

In related news, insider Sheldon Sloan sold 78,333 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $71.50, for a total transaction of $5,600,809.50. Following the transaction, the insider owned 78,333 shares of the company's stock, valued at approximately $5,600,809.50. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed 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, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $42.19, for a total transaction of $632,850.00. Following the transaction, the chief executive officer directly owned 642,540 shares in the company, valued at approximately $27,108,762.60. This represents a 2.28% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 153,791 shares of company stock valued at $9,805,860. Insiders own 15.69% of the company's stock.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC purchased a new stake in Spyre Therapeutics during the 1st quarter valued at $28,000. Russell Investments Group Ltd. boosted its position in Spyre Therapeutics by 2,881.7% during the 3rd 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 period. Persistent Asset Partners Ltd purchased a new stake in Spyre Therapeutics during the 4th quarter valued at $74,000. Tower Research Capital LLC TRC boosted 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 valued at $86,000 after buying an additional 3,725 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Spyre Therapeutics by 61.5% during the 4th 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 period. Institutional investors 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.