Spyre Therapeutics (NASDAQ:SYRE) Trading Up 5.7% - Time to Buy?

Key Points

• Spyre Therapeutics shares jumped about 5.7% to roughly $48.30 on Thursday, trading well above its 50‑day ($37.97) and 200‑day ($29.49) moving averages and carrying a market cap of about $3.82 billion on below‑average volume.
• Analysts are largely bullish with an overall "Buy" consensus and an average price target of $60.67 (2 Strong Buy, 7 Buy, 1 Sell), following recent upgrades from firms including Leerink and Mizuho.
• The company continues to report losses—quarterly EPS missed at a ($0.70) loss versus ($0.66) estimated and analysts forecast about -$4.46 EPS for the fiscal year—and insiders have sold roughly 47,500 shares (~$1.69M) in the past 90 days, while insiders still own 15.43% and institutions own 80.39%.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price traded up 5.7% during trading on Thursday . The stock traded as high as $48.37 and last traded at $48.2950. 307,461 shares changed hands during trading, a decline of 57% from the average session volume of 717,165 shares. The stock had previously closed at $45.68.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SYRE. Leerink Partners upgraded Spyre Therapeutics to a "strong-buy" rating in a report on Thursday, February 19th. Wall Street Zen lowered Spyre Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, February 21st. Mizuho upgraded Spyre Therapeutics to a "strong-buy" rating in a report on Thursday, December 18th. BTIG Research restated a "buy" rating and issued a $70.00 price target on shares of Spyre Therapeutics in a research note on Monday, March 16th. Finally, JonesTrading raised Spyre Therapeutics from a "hold" rating to a "buy" rating and set a $64.00 price target on the stock in a research report on Monday, December 1st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $60.67.

Spyre Therapeutics Stock Up 6.4%

The business's 50 day simple moving average is $37.97 and its 200 day simple moving average is $29.49. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of -23.33 and a beta of 3.09.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.04). Equities research analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

Insider Activity at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 2,500 shares of Spyre Therapeutics stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $40.65, for a total transaction of $101,625.00. Following the completion of the transaction, the chief financial officer directly owned 97,994 shares in the company, valued at approximately $3,983,456.10. The trade was a 2.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Cameron Turtle sold 15,000 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $42.19, for a total value of $632,850.00. Following the transaction, the chief executive officer directly owned 642,540 shares in the company, valued at $27,108,762.60. The trade was a 2.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 47,500 shares of company stock worth $1,686,675 in the last 90 days. Corporate insiders own 15.43% of the company's stock.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its holdings in shares of Spyre Therapeutics by 2,881.7% in the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company's stock valued at $71,000 after purchasing an additional 4,092 shares during the last quarter. Persistent Asset Partners Ltd acquired a new stake in shares of Spyre Therapeutics during the 4th quarter worth about $74,000. Ameritas Investment Partners Inc. boosted its holdings in shares of Spyre Therapeutics by 25.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company's stock worth $76,000 after buying an additional 1,045 shares during the period. Tower Research Capital LLC TRC grew its stake in Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company's stock valued at $86,000 after buying an additional 3,725 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew 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 valued at $124,000 after buying an additional 1,435 shares during the last quarter. 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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