Spyre Therapeutics (NASDAQ:SYRE) Sets New 12-Month High - Should You Buy?

Key Points

• Spyre Therapeutics' stock hit a new 52-week high, trading as high as $75 and last at $65.37 on heavy volume, up from a prior close of $51.29.
• Analyst views are mixed but lean positive: the consensus rating is Buy with a $62.63 target, while some firms (Stifel $92, Leerink strong-buy) are very bullish and others (Weiss, Wall Street Zen) are bearish.
• Despite the rally, the company remains unprofitable (last quarter EPS -$0.70; consensus -4.46 for the year) and insiders sold roughly 62,958 shares in the quarter, which could be a cautionary signal.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price hit a new 52-week high on Monday . The stock traded as high as $75.00 and last traded at $65.3690, with a volume of 1256982 shares. The stock had previously closed at $51.29.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. Stifel Nicolaus upped their price target 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. Leerink Partners upgraded shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Thursday, February 19th. Citigroup started coverage on shares of Spyre Therapeutics in a research report on Wednesday, December 17th. They issued a "buy" rating and a $64.00 price target for the company. Finally, Wall Street Zen downgraded shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, February 21st. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $62.63.

Spyre Therapeutics Stock Performance

The firm's 50-day moving average is $41.82 and its 200 day moving average is $32.41. The stock has a market cap of $4.89 billion, a PE ratio of -29.90 and a beta of 2.93.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The company reported ($0.70) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.04). On average, sell-side analysts predict that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the company's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $49.33, for a total transaction of $739,950.00. Following the completion of the transaction, the chief executive officer owned 627,540 shares in the company, valued at approximately $30,956,548.20. This represents a 2.33% decrease in their position. The sale was disclosed in a 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 the company's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $50.00, for a total transaction of $397,900.00. Following the transaction, the insider owned 7,958 shares of the company's stock, valued at approximately $397,900. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 62,958 shares of company stock worth $2,734,375. 6.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Persistent Asset Partners Ltd acquired a new position in shares of Spyre Therapeutics during the 4th quarter worth $74,000. Mirae Asset Global Investments Co. Ltd. grew its stake 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 purchasing an additional 1,435 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Spyre Therapeutics by 2,881.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company's stock worth $71,000 after purchasing an additional 4,092 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Spyre Therapeutics by 182.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company's stock worth $86,000 after purchasing an additional 3,725 shares during the period. Finally, Martingale Asset Management L P acquired a new position in shares of Spyre Therapeutics during the 4th quarter worth $227,000. 80.39% of the stock is owned by institutional investors and hedge funds.

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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