Spyre Therapeutics (NASDAQ:SYRE) Reaches New 1-Year High - Here's What Happened

Key Points

• Spyre Therapeutics' stock hit a new 52-week high of $75 (last $74.15) on Thursday, trading up about 3.6% on heavy volume as multiple brokers raised price targets and the consensus target sits at $85.08.
• Despite the rally, the company remains unprofitable (quarterly EPS -$0.70 vs. -$0.66 estimate; FY EPS forecast -2.8) and insiders sold roughly 62,958 shares in the past quarter—including a sale by CEO Cameron Turtle—while institutional investors hold about 80.39% of the stock.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $75.00 and last traded at $74.1520, with a volume of 539795 shares changing hands. The stock had previously closed at $71.89.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SYRE. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spyre Therapeutics from $55.00 to $88.00 and gave the company a "buy" rating in a research report on Tuesday, April 14th. Raymond James Financial began coverage on shares of Spyre Therapeutics in a research report on Monday, April 13th. They issued a "strong-buy" rating and a $80.00 price objective for the company. Leerink Partners increased their price objective on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the company an "outperform" rating in a research report on Monday, April 13th. Jefferies Financial Group increased their price objective on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, April 13th. Finally, Stifel Nicolaus increased their price objective on shares of Spyre Therapeutics from $70.00 to $92.00 and gave the company a "buy" rating in a research report on Wednesday, March 18th. Two investment 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 company. According to MarketBeat, Spyre Therapeutics presently has an average rating of "Buy" and a consensus price target of $85.08.

Spyre Therapeutics Trading Up 3.6%

The stock has a market capitalization of $5.87 billion, a PE ratio of -35.79 and a beta of 2.93. The firm's fifty day moving average price is $51.01 and its two-hundred day moving average price is $37.10.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.04). As a group, sell-side analysts anticipate that Spyre Therapeutics, Inc. will post -2.8 earnings per share for the current fiscal year.

Insider Activity at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $49.33, for a total value of $739,950.00. Following the sale, the chief executive officer owned 627,540 shares of the company's stock, valued at approximately $30,956,548.20. This trade represents a 2.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 7,958 shares of Spyre Therapeutics stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $50.00, for a total transaction of $397,900.00. Following the completion of the sale, the insider directly owned 7,958 shares in the company, valued at $397,900. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 62,958 shares of company stock valued at $2,734,375. 15.69% of the stock is owned by company insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. HighVista Strategies LLC boosted its position in Spyre Therapeutics by 91.3% during the third quarter. HighVista Strategies LLC now owns 215,746 shares of the company's stock worth $3,616,000 after acquiring an additional 102,941 shares during the last quarter. Candriam S.C.A. raised its holdings in Spyre Therapeutics by 64.4% in the 3rd quarter. Candriam S.C.A. now owns 404,362 shares of the company's stock valued at $6,777,000 after acquiring an additional 158,332 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Spyre Therapeutics by 483.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 275,984 shares of the company's stock worth $4,625,000 after purchasing an additional 228,705 shares in the last quarter. AlphaQuest LLC lifted its stake in Spyre Therapeutics by 1,485.1% in the 3rd quarter. AlphaQuest LLC now owns 66,163 shares of the company's stock worth $1,109,000 after purchasing an additional 61,989 shares in the last quarter. Finally, Baker BROS. Advisors LP boosted its holdings in shares of Spyre Therapeutics by 59.6% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,000,000 shares of the company's stock worth $16,760,000 after purchasing an additional 373,297 shares during the last quarter. 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.

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