Spyre Therapeutics (NASDAQ:SYRE) Upgraded at Wall Street Zen

Key Points

• Spyre Therapeutics has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, reflecting a shift in analyst sentiment.
• Deutsche Bank initiated coverage on the stock with a "buy" rating and a target price of $43, while Wedbush has a price target of $65.
• Spyre Therapeutics reported earnings of ($0.49) per share, exceeding expectations, but analysts predict an average EPS of -4.46 for the current fiscal year.

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

Several other equities research analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Spyre Therapeutics in a research report on Friday. They issued a "buy" rating and a $43.00 target price on the stock. Wedbush restated an "outperform" rating and issued a $65.00 price target on shares of Spyre Therapeutics in a report on Wednesday, August 6th. Finally, BTIG Research restated a "buy" rating and issued a $70.00 price target on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $54.29.

Spyre Therapeutics Stock Performance

SYRE opened at $16.24 on Friday. The company's 50 day simple moving average is $16.40 and its 200 day simple moving average is $15.70. Spyre Therapeutics has a 1 year low of $10.91 and a 1 year high of $40.26. The stock has a market capitalization of $980.90 million, a PE ratio of -4.78 and a beta of 2.87.

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

Insider Activity

In other news, CFO Scott L. Burrows sold 18,428 shares of Spyre Therapeutics stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.26, for a total transaction of $299,639.28. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 15.43% of the stock is owned by corporate insiders.

Institutional Trading of Spyre Therapeutics

A number of hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System raised its stake in shares of Spyre Therapeutics by 1.8% during the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company's stock valued at $497,000 after purchasing an additional 603 shares during the period. F m Investments LLC raised its stake in shares of Spyre Therapeutics by 1.4% during the second quarter. F m Investments LLC now owns 52,546 shares of the company's stock valued at $787,000 after purchasing an additional 702 shares during the period. AlphaQuest LLC raised its stake in shares of Spyre Therapeutics by 30.8% during the second quarter. AlphaQuest LLC now owns 4,174 shares of the company's stock valued at $62,000 after purchasing an additional 983 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Spyre Therapeutics by 25.8% during the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company's stock valued at $76,000 after purchasing an additional 1,045 shares during the period. Finally, ProShare Advisors LLC raised its stake in shares of Spyre Therapeutics by 9.7% during the second quarter. ProShare Advisors LLC now owns 12,479 shares of the company's stock valued at $187,000 after purchasing an additional 1,101 shares during the period. Hedge funds and other 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).

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