Wall Street Zen Downgrades Spyre Therapeutics (NASDAQ:SYRE) to Sell

Key Points

• Spyre Therapeutics' stock rating was downgraded from "hold" to "sell" by Wall Street Zen, amidst mixed analyst opinions with a consensus rating of "Buy".
• The company's stock price opened at $14.88 and has a market capitalization of approximately $898.75 million.
• Insider trading was noted, with CFO Scott L. Burrows selling 18,428 shares, reducing his position by nearly 16%.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

SYRE has been the topic of a number of other research reports. Wedbush reissued an "outperform" rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, August 6th. BTIG Research reiterated a "buy" rating and set a $70.00 price target on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. Based on data from MarketBeat.com, Spyre Therapeutics has a consensus rating of "Buy" and a consensus target price of $56.17.

Spyre Therapeutics Stock Down 0.1%

Shares of SYRE traded down $0.01 during mid-day trading on Friday, hitting $15.28. The stock had a trading volume of 19,016 shares, compared to its average volume of 599,251. The company has a market cap of $922.91 million, a PE ratio of -4.49 and a beta of 2.87. The company's fifty day simple moving average is $16.40 and its two-hundred day simple moving average is $15.75. Spyre Therapeutics has a fifty-two week low of $10.91 and a fifty-two week high of $40.26.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.24. Equities analysts expect that Spyre Therapeutics will post -4.46 earnings per share for the current year.

Insider Buying and Selling at Spyre Therapeutics

In other 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 value of $299,639.28. Following the completion of the transaction, the chief financial officer owned 97,994 shares in the company, valued at $1,593,382.44. This trade represents a 15.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Spyre Therapeutics by 1.8% during the first quarter. Vanguard Group Inc. now owns 2,898,267 shares of the company's stock worth $46,764,000 after purchasing an additional 51,794 shares during the period. Paradigm Biocapital Advisors LP grew its holdings in Spyre Therapeutics by 39.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 2,127,205 shares of the company's stock worth $34,322,000 after purchasing an additional 600,000 shares during the period. Wellington Management Group LLP grew its holdings in Spyre Therapeutics by 6.5% during the fourth quarter. Wellington Management Group LLP now owns 1,604,508 shares of the company's stock worth $37,353,000 after purchasing an additional 97,308 shares during the period. Jefferies Financial Group Inc. boosted its holdings in shares of Spyre Therapeutics by 11.2% during the second quarter. Jefferies Financial Group Inc. now owns 1,388,854 shares of the company's stock worth $20,791,000 after acquiring an additional 140,000 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Spyre Therapeutics by 15.8% during the second quarter. Geode Capital Management LLC now owns 1,227,232 shares of the company's stock worth $18,373,000 after acquiring an additional 167,669 shares during the period. Institutional investors own 80.39% of the company's stock.

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).