Spyre Therapeutics (NASDAQ:SYRE) Stock Price Expected to Rise, BTIG Research Analyst Says

Key Points

• BTIG Research raised Spyre Therapeutics’ price target to $132 from $112 and maintained a “Buy” rating, implying 25.32% upside from the prior close.
• Analyst sentiment is broadly positive: the stock has a consensus “Moderate Buy” rating and an average price target of $111.69, while shares opened at $105.33 and are near their 52-week high.
• Spyre beat quarterly earnings expectations, reporting a loss of $0.36 per share versus the anticipated $0.76 loss. However, insiders sold approximately $12.8 million of stock over the past three months.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) had its price target raised by stock analysts at BTIG Research from $112.00 to $132.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's price target points to a potential upside of 25.32% from the stock's previous close.

A number of other brokerages have also recently weighed in on SYRE. Stifel Nicolaus raised their target price on shares of Spyre Therapeutics from $92.00 to $107.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Robert W. Baird set a $120.00 price target on shares of Spyre Therapeutics in a report on Wednesday, August 5th. Leerink Partners lifted 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. Citigroup raised their target price on Spyre Therapeutics from $64.00 to $97.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Spyre Therapeutics from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $111.69.

Spyre Therapeutics Trading Up 0.4%

Spyre Therapeutics stock opened at $105.33 on Tuesday. The stock has a market cap of $9.26 billion, a price-to-earnings ratio of -54.02 and a beta of 3.03. The company's 50-day moving average price is $91.86 and its two-hundred day moving average price is $66.16. Spyre Therapeutics has a 52 week low of $14.51 and a 52 week high of $108.14.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping analysts' consensus estimates of ($0.76) by $0.40. Research analysts expect that Spyre Therapeutics will post -2.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In related news, insider Sheldon Sloan sold 8,334 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $87.70, for a total value of $730,891.80. Following the completion of the sale, the insider owned 8,334 shares in the company, valued at approximately $730,891.80. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $87.13, for a total value of $1,306,950.00. Following the sale, the chief financial officer owned 97,994 shares in the company, valued at approximately $8,538,217.22. This represents a 13.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 142,167 shares of company stock valued at $12,779,292 in the last three months. Company insiders own 15.69% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Spyre Therapeutics by 18.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company's stock valued at $442,000 after purchasing an additional 4,277 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Spyre Therapeutics by 13.8% during the second quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company's stock worth $708,000 after purchasing an additional 5,723 shares during the period. Rhumbline Advisers increased its holdings in Spyre Therapeutics by 30.6% in the second quarter. Rhumbline Advisers now owns 73,168 shares of the company's stock valued at $1,095,000 after purchasing an additional 17,145 shares during the last quarter. New York State Common Retirement Fund increased its holdings in Spyre Therapeutics by 61.4% in the second quarter. New York State Common Retirement Fund now owns 16,565 shares of the company's stock valued at $248,000 after purchasing an additional 6,300 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Spyre Therapeutics by 37.6% in the second quarter. Invesco Ltd. now owns 34,680 shares of the company's stock valued at $519,000 after buying an additional 9,473 shares during the period. 80.39% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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