Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 4.6% - Should You Sell?

Key Points

• Spyre Therapeutics' stock price decreased by 4.6% during mid-day trading, closing at $14.93 after trading as low as $15.05.
• Analysts have mixed sentiments, with Wall Street Zen upgrading the stock to a "hold" rating and Wedbush maintaining an "outperform" rating with a price target of $65.00, while the average target price is $53.40.
• The company has recently experienced insider selling, with CFO Scott L. Burrows selling 18,428 shares, reducing his holdings by 15.83%.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) traded down 4.6% during mid-day trading on Monday . The company traded as low as $15.05 and last traded at $14.93. 222,310 shares were traded during trading, a decline of 63% from the average session volume of 593,958 shares. The stock had previously closed at $15.65.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SYRE. Wall Street Zen upgraded Spyre Therapeutics from a "sell" rating to a "hold" rating in a report on Monday, September 8th. Wedbush restated an "outperform" rating and set a $65.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $53.40.

Spyre Therapeutics Trading Down 5.2%

The company's 50-day moving average is $16.50 and its 200 day moving average is $15.93. The firm has a market cap of $896.34 million, a PE ratio of -4.36 and a beta of 2.87.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its quarterly earnings data 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, research analysts predict that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 18,428 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total transaction of $299,639.28. Following the completion of the sale, the chief financial officer directly owned 97,994 shares in the company, valued at approximately $1,593,382.44. This trade represents a 15.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 6.20% of the company's stock.

Institutional Trading of Spyre Therapeutics

Hedge funds have recently made changes to their positions in the stock. GF Fund Management CO. LTD. purchased a new position in Spyre Therapeutics during the fourth quarter valued at approximately $29,000. CWM LLC grew its holdings in shares of Spyre Therapeutics by 357.8% during the 2nd quarter. CWM LLC now owns 1,712 shares of the company's stock valued at $26,000 after acquiring an additional 1,338 shares in the last quarter. AlphaQuest LLC increased its stake in shares of Spyre Therapeutics by 45.2% in the first quarter. AlphaQuest LLC now owns 3,191 shares of the company's stock worth $51,000 after acquiring an additional 993 shares during the last quarter. GAMMA Investing LLC acquired a new position in shares of Spyre Therapeutics in the first quarter worth $70,000. Finally, Ameritas Investment Partners Inc. boosted its position in Spyre Therapeutics by 25.8% during the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company's stock valued at $76,000 after purchasing an additional 1,045 shares during the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

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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