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

Key Points

• Mizuho raised its price target on Spyre Therapeutics from $84 to $120 and kept an outperform rating, implying about 22.8% upside from the prior close.
• Several other analysts have also turned bullish, with recent targets ranging from $80 to $135 and MarketBeat showing an average Moderate Buy rating with a $101.42 average price target.
• Spyre shares were trading near their 52-week high at $97.74, while the company reported a quarterly EPS loss that missed expectations and insiders have sold shares in recent months.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) had its price target lifted by investment analysts at Mizuho from $84.00 to $120.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Mizuho's target price indicates a potential upside of 22.77% from the stock's previous close.

Other research analysts also recently issued reports about the company. JonesTrading lifted their price objective on Spyre Therapeutics from $64.00 to $95.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Raymond James Financial began coverage on Spyre Therapeutics in a report on Monday, April 13th. They issued a "strong-buy" rating and a $80.00 price target for the company. Deutsche Bank Aktiengesellschaft increased their price objective on Spyre Therapeutics from $115.00 to $135.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Jefferies Financial Group boosted their target price on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Finally, Wedbush restated an "outperform" rating and issued a $100.00 target price on shares of Spyre Therapeutics in a report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Spyre Therapeutics has an average rating of "Moderate Buy" and an average price target of $101.42.

Spyre Therapeutics Stock Performance

Shares of NASDAQ SYRE opened at $97.74 on Monday. The stock has a market cap of $8.60 billion, a price-to-earnings ratio of -46.99 and a beta of 3.02. Spyre Therapeutics has a 52 week low of $14.51 and a 52 week high of $102.06. The company's 50-day moving average price is $80.51 and its 200 day moving average price is $56.09.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.08). As a group, research analysts expect that Spyre Therapeutics will post -2.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Michael Thomas Henderson sold 80,000 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $74.40, for a total transaction of $5,952,000.00. Following the sale, the director owned 88,606 shares in the company, valued at $6,592,286.40. This trade represents a 47.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 15,000 shares of Spyre Therapeutics stock in a transaction 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 completion of the sale, the chief financial officer directly owned 97,994 shares of the company's stock, valued at approximately $8,538,217.22. This represents a 13.28% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 282,500 shares of company stock worth $21,741,101. 15.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Spyre Therapeutics by 18.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company's stock worth $442,000 after acquiring an additional 4,277 shares during the last quarter. JPMorgan Chase & Co. increased its position in 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 last quarter. Rhumbline Advisers raised its stake in Spyre Therapeutics by 30.6% during the second quarter. Rhumbline Advisers now owns 73,168 shares of the company's stock worth $1,095,000 after purchasing an additional 17,145 shares during the period. New York State Common Retirement Fund raised its stake in Spyre Therapeutics by 61.4% during the second quarter. New York State Common Retirement Fund now owns 16,565 shares of the company's stock worth $248,000 after purchasing an additional 6,300 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Spyre Therapeutics by 37.6% in the 2nd quarter. Invesco Ltd. now owns 34,680 shares of the company's stock valued at $519,000 after purchasing an additional 9,473 shares during the last quarter. Institutional investors and hedge funds own 80.39% of the company's stock.

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.

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