Wall Street Zen Downgrades Spyre Therapeutics (NASDAQ:SYRE) to Sell

Key Points

• Wall Street Zen downgraded Spyre Therapeutics from “hold” to “sell,” though broader analyst sentiment remains positive with a “Moderate Buy” consensus and an average price target of $111.69.
• Shares opened at $103.63, near their 52-week high of $108.14, after rising 1.7%; the company also reported a quarterly loss of $0.36 per share, outperforming the consensus estimate of a $0.76 loss.
• Insiders sold 142,167 shares worth approximately $12.8 million over the past 90 days, while institutional investors own 80.39% of the stock.

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

Several other research analysts also recently weighed in on SYRE. Robert W. Baird set a $120.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Mizuho upped their target price on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Wolfe Research downgraded shares of Spyre Therapeutics from an "outperform" rating to a "peer perform" rating in a report on Tuesday, July 28th. Wedbush boosted their target price on Spyre Therapeutics from $100.00 to $130.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Finally, BTIG Research boosted their target price on shares of Spyre Therapeutics from $112.00 to $132.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $111.69.

Spyre Therapeutics Stock Up 1.7%

Shares of Spyre Therapeutics stock opened at $103.63 on Friday. Spyre Therapeutics has a fifty-two week low of $14.51 and a fifty-two week high of $108.14. The business has a fifty day simple moving average of $94.21 and a 200-day simple moving average of $67.88. The firm has a market cap of $9.11 billion, a price-to-earnings ratio of -53.14 and a beta of 3.03.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.40. Analysts anticipate that Spyre Therapeutics will post -2.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Spyre Therapeutics

In related news, CEO Cameron Turtle sold 15,000 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were 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 of the company's stock, valued at $54,205,745.40. The trade was a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 7,500 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $95.57, for a total transaction of $716,775.00. Following the completion of the sale, the chief financial officer directly owned 97,994 shares in the company, valued at approximately $9,365,286.58. The trade was a 7.11% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 142,167 shares of company stock worth $12,779,292 in the last 90 days. 15.69% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Spyre Therapeutics

Several large investors have recently modified their holdings of the stock. Summit Securities Group LLC acquired a new stake in Spyre Therapeutics in the 1st quarter valued at $28,000. GAMMA Investing LLC raised its stake in Spyre Therapeutics by 26.8% during the second quarter. GAMMA Investing LLC now owns 663 shares of the company's stock worth $59,000 after acquiring an additional 140 shares in the last quarter. KBC Group NV acquired a new position in Spyre Therapeutics during the first quarter worth $69,000. Persistent Asset Partners Ltd acquired a new position in Spyre Therapeutics during the fourth quarter worth $74,000. Finally, ABS Direct Equity Fund LLC bought a new position in shares of Spyre Therapeutics during the first quarter valued at $141,000. 80.39% of the stock is currently owned by institutional investors.

About Spyre Therapeutics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source