Spyre Therapeutics (NASDAQ:SYRE) Trading Down 6.3% - Here's What Happened

Key Points

• Shares of Spyre Therapeutics fell about 6.3% to $69.78 on Friday (from $74.45) on roughly 925,243 shares traded, with a market cap near $5.47 billion.
• Analyst sentiment is largely positive: Spyre has a consensus Buy rating with an average price target of $85.08 and several recent price-target increases (as high as $106) including multiple Buy/Strong-Buy opinions.
• Fundamentals and insider activity: the clinical-stage immunotherapy company reported negative EPS last quarter and insiders have sold ~62,958 shares (~$2.73M) in the past 90 days, though insiders still own 15.69% of the stock.

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) traded down 6.3% on Friday . The stock traded as low as $69.84 and last traded at $69.7750. 925,243 shares were traded during mid-day trading, an increase of 1% from the average session volume of 914,881 shares. The stock had previously closed at $74.45.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. BTIG Research boosted their price objective on shares of Spyre Therapeutics from $70.00 to $98.00 and gave the stock a "buy" rating in a research report on Monday, April 13th. Robert W. Baird boosted their price objective on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 14th. Raymond James Financial assumed coverage on shares of Spyre Therapeutics in a research report on Monday, April 13th. They issued a "strong-buy" rating and a $80.00 price objective for the company. JonesTrading boosted their price objective on shares of Spyre Therapeutics from $64.00 to $95.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Finally, Leerink Partners boosted 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. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Spyre Therapeutics currently has a consensus rating of "Buy" and an average target price of $85.08.

Spyre Therapeutics Trading Down 6.8%

The business's fifty day simple moving average is $51.75 and its 200 day simple moving average is $37.36. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of -33.38 and a beta of 2.93.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its earnings results on Thursday, February 19th. The company reported ($0.70) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.04). As a group, research analysts anticipate that Spyre Therapeutics, Inc. will post -2.8 earnings per share for the current year.

Insiders Place Their Bets

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 7,500 shares of Spyre Therapeutics stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $49.34, for a total transaction of $370,050.00. Following the completion of the sale, the chief financial officer owned 97,994 shares of the company's stock, valued at approximately $4,835,023.96. The trade was a 7.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sheldon Sloan sold 7,958 shares of Spyre Therapeutics stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $50.00, for a total transaction of $397,900.00. Following the sale, the insider directly owned 7,958 shares of the company's stock, valued at $397,900. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 62,958 shares of company stock valued at $2,734,375. Company insiders own 15.69% of the company's stock.

Institutional Trading of Spyre Therapeutics

A number of large investors have recently made changes to their positions in the company. Summit Securities Group LLC acquired a new position in Spyre Therapeutics in the 1st quarter worth $28,000. Persistent Asset Partners Ltd acquired a new position in Spyre Therapeutics in the 4th quarter worth $74,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Spyre Therapeutics by 61.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company's stock worth $124,000 after purchasing an additional 1,435 shares during the period. Union Bancaire Privee UBP SA acquired a new position in Spyre Therapeutics in the 1st quarter worth $196,000. Finally, Russell Investments Group Ltd. boosted its stake in Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company's stock worth $71,000 after purchasing an additional 4,092 shares during the period. Institutional investors 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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