Spyre Therapeutics (NASDAQ:SYRE) Sets New 52-Week High Following Strong Earnings

Key Points

• Spyre Therapeutics shares hit a new 52-week high of $105.25, rising 10.5% after the company reported quarterly EPS of $(0.36), beating analysts’ $(0.76) consensus estimate.
• Analyst sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $101.42; several firms recently raised their targets, including Deutsche Bank to $135.
• Institutional investors own 80.39% of the company, while insiders have sold about $14.2 million of stock over the past 90 days, including sales by the CEO and another insider under pre-arranged trading plans.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $105.25 and last traded at $104.94, with a volume of 829779 shares traded. The stock had previously closed at $94.93.

The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.76) by $0.40.

Analysts Set New Price Targets

A number of analysts recently commented on SYRE shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spyre Therapeutics from $115.00 to $135.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. Wedbush restated an "outperform" rating and issued a $100.00 price target on shares of Spyre Therapeutics in a research report on Tuesday, June 16th. Citigroup upped their price target on Spyre Therapeutics from $64.00 to $97.00 and gave the company a "buy" rating in a report on Wednesday, May 6th. Mizuho raised their price objective on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Finally, BTIG Research lifted their target price on Spyre Therapeutics from $98.00 to $112.00 and gave the stock a "buy" rating in a report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $101.42.

Insider Buying and Selling at Spyre Therapeutics

In related news, insider Sheldon Sloan sold 8,334 shares of the business's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $87.70, for a total transaction of $730,891.80. Following the transaction, the insider directly owned 8,334 shares in the company, valued at $730,891.80. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $87.69, for a total value of $1,315,350.00. Following the sale, the chief executive officer directly owned 582,540 shares in the company, valued at $51,082,932.60. The trade was a 2.51% 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. Insiders sold a total of 176,667 shares of company stock worth $14,177,617 in the last 90 days. 15.69% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Handelsbanken Fonder AB bought a new position in shares of Spyre Therapeutics in the second quarter worth about $2,308,000. GAMMA Investing LLC grew its holdings in Spyre Therapeutics by 26.8% during the second quarter. GAMMA Investing LLC now owns 663 shares of the company's stock valued at $59,000 after purchasing an additional 140 shares during the period. Seven Fleet Capital Management LP acquired a new position in shares of Spyre Therapeutics in the 1st quarter valued at $993,000. Perceptive Advisors LLC increased its holdings in shares of Spyre Therapeutics by 23.3% in the first quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company's stock worth $190,826,000 after acquiring an additional 714,000 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Spyre Therapeutics by 192.6% during the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company's stock worth $61,945,000 after buying an additional 808,366 shares during the period. 80.39% of the stock is owned by institutional investors and hedge funds.

Spyre Therapeutics Stock Up 10.5%

The business's fifty day moving average is $88.65 and its 200 day moving average is $63.65. The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of -50.45 and a beta of 3.03.

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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