Spyre Therapeutics (NASDAQ:SYRE) Sees Strong Trading Volume After Analyst Upgrade

Key Points

• Spyre Therapeutics experienced a significant increase in trading volume, soaring by 167% following an analyst upgrade from a sell to a hold rating by Wall Street Zen.
• Despite the upgrade, Weiss Ratings maintained a "sell (d-)" rating on the stock, while other analysts issued higher price targets, suggesting mixed market sentiment.
• Insider trading reports indicate that CFO Scott L. Burrows sold a portion of his holdings, which may reflect concerns regarding the company's future performance.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) saw unusually-high trading volume on Tuesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. Approximately 1,670,680 shares were traded during trading, an increase of 167% from the previous session's volume of 626,709 shares.The stock last traded at $21.14 and had previously closed at $18.92.

Several other brokerages have also recently weighed in on SYRE. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Spyre Therapeutics in a research report on Wednesday, October 8th. Wedbush reissued an "outperform" rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. BTIG Research reissued a "buy" rating and set a $70.00 price target on shares of Spyre Therapeutics in a research report on Tuesday, September 16th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Spyre Therapeutics in a research report on Friday, September 26th. They set a "buy" rating and a $43.00 price target for the company. Two research 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. According to data from MarketBeat, Spyre Therapeutics has an average rating of "Buy" and an average price target of $54.29.

Insider Activity at Spyre Therapeutics

In related news, CFO Scott L. Burrows sold 18,428 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.26, for a total value of $299,639.28. Following the completion of the transaction, the chief financial officer directly owned 97,994 shares of the company's stock, valued at $1,593,382.44. This trade represents a 15.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its position in shares of Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company's stock valued at $86,000 after purchasing an additional 3,725 shares during the last quarter. Man Group plc purchased a new position in shares of Spyre Therapeutics in the 2nd quarter valued at approximately $162,000. BNP Paribas Financial Markets raised its position in shares of Spyre Therapeutics by 300.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 223,320 shares of the company's stock valued at $3,343,000 after purchasing an additional 167,487 shares during the last quarter. California State Teachers Retirement System raised its position in shares of Spyre Therapeutics by 1.8% in the 2nd quarter. California State Teachers Retirement System now owns 33,201 shares of the company's stock valued at $497,000 after purchasing an additional 603 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Spyre Therapeutics by 10.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,812 shares of the company's stock worth $447,000 after buying an additional 2,794 shares during the period. 80.39% of the stock is owned by hedge funds and other institutional investors.

Spyre Therapeutics Stock Performance

The company's fifty day moving average is $16.49 and its two-hundred day moving average is $15.63. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -6.10 and a beta of 2.90.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($0.73) by $0.24. On average, sell-side analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

About Spyre Therapeutics

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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