Spyre Therapeutics (NASDAQ:SYRE) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Spyre Therapeutics from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $110.15.
• SYRE was trading near its 52-week high at $104.91, with a market capitalization of $9.23 billion. The company beat quarterly earnings expectations, reporting a loss of $0.36 per share versus the expected loss of $0.76.
• Insiders have been selling shares: executives sold 119,167 shares worth about $10.4 million over the past 90 days, though institutional investors still own approximately 80.39% of the stock.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

A number of other research firms also recently weighed in on SYRE. Leerink Partners lifted their target price on Spyre Therapeutics from $49.00 to $106.00 and gave the stock an "outperform" rating in a research report on Monday, April 13th. Robert W. Baird set a $120.00 target price on Spyre Therapeutics in a research report on Wednesday. Guggenheim raised their price objective on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday. Raymond James Financial began coverage on shares of Spyre Therapeutics in a research report on Monday, April 13th. They set a "strong-buy" rating and a $80.00 target price on the stock. Finally, Wedbush upped their target price on shares of Spyre Therapeutics from $100.00 to $130.00 and gave the company an "outperform" rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Spyre Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $110.15.

Spyre Therapeutics Trading Up 1.4%

SYRE opened at $104.91 on Friday. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of -53.80 and a beta of 3.03. Spyre Therapeutics has a 1-year low of $14.51 and a 1-year high of $108.14. The business has a 50 day moving average of $91.17 and a 200-day moving average of $65.43.

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, beating analysts' consensus estimates of ($0.76) by $0.40. Equities analysts predict that Spyre Therapeutics will post -2.7 EPS for the current year.

Insiders Place Their Bets

In related news, Director Michael Thomas Henderson sold 20,000 shares of the firm's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the director directly owned 68,606 shares of the company's stock, valued at $6,860,600. This trade represents a 22.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $95.51, for a total value of $1,432,650.00. Following the sale, the chief executive officer owned 567,540 shares in the company, valued at $54,205,745.40. The trade was a 2.57% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 119,167 shares of company stock valued at $10,375,042 in the last 90 days. Insiders own 15.69% of the company's stock.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors have recently modified their holdings of SYRE. GAMMA Investing LLC raised its position in Spyre Therapeutics by 26.8% in the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company's stock worth $59,000 after purchasing an additional 140 shares during the last quarter. Optimize Financial Inc boosted its position in Spyre Therapeutics by 1.5% in the 4th quarter. Optimize Financial Inc now owns 25,331 shares of the company's stock valued at $830,000 after buying an additional 364 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in Spyre Therapeutics by 0.5% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company's stock valued at $1,788,000 after buying an additional 522 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Spyre Therapeutics in the 1st quarter valued at $28,000. Finally, California State Teachers Retirement System increased its position in Spyre Therapeutics by 1.8% in the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company's stock worth $497,000 after purchasing an additional 603 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.

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