Spyre Therapeutics' (SYRE) Sell (D-) Rating Reiterated at Weiss Ratings

Key Points

• Spyre Therapeutics (SYRE) has had its "sell (D-)" rating reaffirmed by Weiss Ratings amid a range of other ratings, highlighting mixed analyst sentiment on the stock.
• Despite the low rating, the stock has seen a 10.4% increase recently and currently trades at around $17.68, with a consensus buy rating and an average price target of $54.29.
• Insider trading has been noted, with the CFO selling 18,428 shares, which represents a significant decrease in their ownership stake.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by equities researchers at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

SYRE has been the subject of a number of other research reports. Wall Street Zen cut Spyre Therapeutics from a "hold" rating to a "sell" rating in a research note on Monday. Deutsche Bank Aktiengesellschaft began coverage on Spyre Therapeutics in a report on Friday, September 26th. They issued a "buy" rating and a $43.00 target price on the stock. Wedbush reissued an "outperform" rating and issued a $65.00 target price on shares of Spyre Therapeutics in a report on Wednesday, August 6th. Finally, BTIG Research reissued a "buy" rating and issued a $70.00 target price on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $54.29.

Spyre Therapeutics Stock Up 10.4%

SYRE opened at $17.68 on Wednesday. The stock has a market cap of $1.07 billion, a PE ratio of -5.20 and a beta of 2.90. The business has a 50 day moving average of $16.29 and a 200-day moving average of $15.63. Spyre Therapeutics has a 52 week low of $10.91 and a 52 week high of $40.26.

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

Insider Activity

In other news, CFO Scott L. Burrows sold 18,428 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total transaction of $299,639.28. Following the transaction, the chief financial officer directly owned 97,994 shares of the company's stock, valued at $1,593,382.44. This represents a 15.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 15.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SYRE. Paradigm Biocapital Advisors LP lifted its holdings in shares of Spyre Therapeutics by 39.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 2,127,205 shares of the company's stock valued at $34,322,000 after purchasing an additional 600,000 shares in the last quarter. Geode Capital Management LLC increased its position in Spyre Therapeutics by 15.8% during the second quarter. Geode Capital Management LLC now owns 1,227,232 shares of the company's stock valued at $18,373,000 after acquiring an additional 167,669 shares during the last quarter. BNP Paribas Financial Markets increased its position in Spyre Therapeutics by 300.0% during the second quarter. BNP Paribas Financial Markets now owns 223,320 shares of the company's stock valued at $3,343,000 after acquiring an additional 167,487 shares during the last quarter. Nuveen LLC purchased a new stake in Spyre Therapeutics during the first quarter valued at $2,261,000. Finally, Jefferies Financial Group Inc. increased its position in Spyre Therapeutics by 11.2% during the second quarter. Jefferies Financial Group Inc. now owns 1,388,854 shares of the company's stock valued at $20,791,000 after acquiring an additional 140,000 shares during the last quarter. 80.39% of the stock is owned by institutional investors.

Spyre Therapeutics Company Profile

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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