Spyre Therapeutics (NASDAQ:SYRE) Rating Lowered to "Sell" at Wall Street Zen

Key Points

• Spyre Therapeutics has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, reflecting a shift in analyst sentiment regarding the company's performance.
• The company reported a quarterly loss of ($0.49) earnings per share, which was better than the consensus estimate of ($0.73), indicating stronger-than-expected financial results.
• Despite the downgrade, the average analyst rating for Spyre Therapeutics remains "Buy" with a consensus price target of $54.29, suggesting mixed perspectives among analysts on the stock's future prospects.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Monday.

SYRE has been the subject of several other research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Spyre Therapeutics in a research note on Saturday, September 27th. BTIG Research reissued a "buy" rating and set a $70.00 price objective on shares of Spyre Therapeutics in a research note on Tuesday, September 16th. Deutsche Bank Aktiengesellschaft initiated coverage on Spyre Therapeutics in a research note on Friday, September 26th. They set a "buy" rating and a $43.00 price target for the company. Finally, Wedbush reaffirmed an "outperform" rating and set a $65.00 price target on shares of Spyre Therapeutics in a research note on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $54.29.

Spyre Therapeutics Stock Performance

NASDAQ:SYRE opened at $15.89 on Monday. The firm has a market capitalization of $959.76 million, a price-to-earnings ratio of -4.67 and a beta of 2.90. Spyre Therapeutics has a 52-week low of $10.91 and a 52-week high of $40.26. The stock has a fifty day moving average of $16.31 and a 200 day moving average of $15.62.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.73) by $0.24. Equities analysts forecast that Spyre Therapeutics will post -4.46 earnings per share for the current fiscal year.

Insider Transactions at Spyre Therapeutics

In related news, CFO Scott L. Burrows sold 18,428 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total transaction of $299,639.28. Following the transaction, the chief financial officer owned 97,994 shares in the company, valued at $1,593,382.44. The trade was a 15.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Spyre Therapeutics

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC bought a new stake in Spyre Therapeutics during the 1st quarter valued at approximately $70,000. Nuveen LLC bought a new stake in Spyre Therapeutics during the 1st quarter valued at approximately $2,261,000. Woodline Partners LP boosted its position in Spyre Therapeutics by 31.8% during the 1st quarter. Woodline Partners LP now owns 464,808 shares of the company's stock valued at $7,500,000 after acquiring an additional 112,128 shares in the last quarter. Vanguard Group Inc. boosted its position in Spyre Therapeutics by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 2,898,267 shares of the company's stock valued at $46,764,000 after acquiring an additional 51,794 shares in the last quarter. Finally, Corebridge Financial Inc. boosted its position in Spyre Therapeutics by 13.8% during the 1st quarter. Corebridge Financial Inc. now owns 19,595 shares of the company's stock valued at $316,000 after acquiring an additional 2,382 shares in the last quarter. 80.39% of the stock is owned by institutional investors.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).

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