Spyre Therapeutics (NASDAQ:SYRE) Reaches New 1-Year High - Time to Buy?

Key Points

• Spyre Therapeutics hit a new 52-week high, trading as high as $77.24, after rising about 2.1% in Monday trading.
• Analysts have recently turned more bullish, with multiple firms raising price targets; the consensus target price is now $89.08 and the stock has an average rating of “Buy.”
• The company recently reported a quarterly loss wider than expected, and insiders have sold shares in recent weeks, including CFO Scott L. Burrows and insider Sheldon Sloan.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $77.24 and last traded at $76.0930, with a volume of 87657 shares trading hands. The stock had previously closed at $75.04.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group increased their price objective on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, April 13th. BTIG Research increased their price objective on shares of Spyre Therapeutics from $70.00 to $98.00 and gave the stock a "buy" rating in a research report on Monday, April 13th. Leerink Partners increased their price objective on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an "outperform" rating in a research report on Monday, April 13th. JonesTrading increased their price objective on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Finally, Wedbush increased their price objective on shares of Spyre Therapeutics from $65.00 to $80.00 and gave the stock an "outperform" rating in a research report on Monday, April 13th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Spyre Therapeutics presently has an average rating of "Buy" and a consensus target price of $89.08.

Spyre Therapeutics Trading Up 2.1%

The stock's 50 day simple moving average is $53.47 and its 200 day simple moving average is $38.67. The stock has a market capitalization of $6.65 billion, a P/E ratio of -36.84 and a beta of 3.12.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.08). On average, sell-side analysts expect that Spyre Therapeutics, Inc. will post -2.75 EPS for the current fiscal year.

Insider Activity at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 12,500 shares of the business's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $71.37, for a total value of $892,125.00. Following the completion of the sale, the chief financial officer owned 97,994 shares of the company's stock, valued at approximately $6,993,831.78. The trade was a 11.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 78,333 shares of Spyre Therapeutics stock in a transaction dated 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 completion of the transaction, the insider directly 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 233,791 shares of company stock worth $15,757,860 over the last quarter. Company insiders own 15.69% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Summit Securities Group LLC acquired a new position in Spyre Therapeutics during the 1st quarter valued at about $28,000. KBC Group NV acquired a new stake in Spyre Therapeutics in the first quarter valued at approximately $69,000. Persistent Asset Partners Ltd bought a new stake in Spyre Therapeutics in the fourth quarter worth approximately $74,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of 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 worth $124,000 after buying an additional 1,435 shares during the period. Finally, Union Bancaire Privee UBP SA bought a new stake in Spyre Therapeutics in the 1st quarter valued at $196,000. 80.39% of the stock is owned by institutional investors and hedge funds.

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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