Wall Street Zen Upgrades Spyre Therapeutics (NASDAQ:SYRE) to "Hold"

Key Points

• Wall Street Zen upgraded Spyre Therapeutics (NASDAQ:SYRE) from a "sell" to a "hold" in a research note issued Saturday.
• Overall analyst sentiment is positive with a consensus "Buy" rating and an average price target of $85.08, as multiple firms raised targets (Leerink to $106, BTIG $98, Stifel $92, Baird $90).
• Insiders sold a total of 62,958 shares (~$2.73M) last quarter under Rule 10b5‑1 plans; SYRE opened at $73.01, has a $5.75B market cap and remains unprofitable with negative EPS and an expected -4.46 EPS for the 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 Saturday.

A number of other analysts have also issued reports on the stock. Stifel Nicolaus raised their target price on shares of Spyre Therapeutics from $70.00 to $92.00 and gave the stock a "buy" rating in a research report on Wednesday, March 18th. Robert W. Baird raised their target price on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the stock an "outperform" rating in a research report on Tuesday. Leerink Partners raised their target price 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. BTIG Research raised their target price 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. Finally, Raymond James Financial started coverage on shares of Spyre Therapeutics in a research report on Monday. They set a "strong-buy" rating and a $80.00 target price on the stock. 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. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $85.08.

Spyre Therapeutics Price Performance

SYRE stock opened at $73.01 on Friday. The company's 50 day simple moving average is $45.28 and its 200-day simple moving average is $33.98. The firm has a market capitalization of $5.75 billion, a PE ratio of -35.10 and a beta of 2.93. Spyre Therapeutics has a 12 month low of $12.28 and a 12 month high of $75.00.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.04). As a group, sell-side analysts anticipate that Spyre Therapeutics will post -4.46 earnings per share for the current year.

Insiders Place Their Bets

In other Spyre Therapeutics news, insider Sheldon Sloan sold 7,958 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $50.00, for a total transaction of $397,900.00. Following the transaction, the insider owned 7,958 shares of the company's stock, valued at $397,900. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the firm's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $49.33, for a total transaction of $739,950.00. Following the completion of the transaction, the chief executive officer directly owned 627,540 shares in the company, valued at approximately $30,956,548.20. This represents a 2.33% 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 have sold a total of 62,958 shares of company stock valued at $2,734,375 over the last quarter. Company insiders own 15.43% of the company's stock.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds have recently made changes to their positions in the business. High Net Worth Advisory Group LLC purchased a new position in shares of Spyre Therapeutics in the 1st quarter valued at $303,000. Invesco Ltd. raised its stake in shares of Spyre Therapeutics by 197.7% in the 4th quarter. Invesco Ltd. now owns 150,934 shares of the company's stock valued at $4,945,000 after acquiring an additional 100,232 shares during the period. VARCOV Co. purchased a new position in shares of Spyre Therapeutics in the 4th quarter valued at $262,000. Virtus Investment Advisers LLC raised its stake in shares of Spyre Therapeutics by 23.2% in the 4th quarter. Virtus Investment Advisers LLC now owns 7,913 shares of the company's stock valued at $259,000 after acquiring an additional 1,488 shares during the period. Finally, Susquehanna Portfolio Strategies LLC raised its stake in shares of Spyre Therapeutics by 144.3% in the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 53,101 shares of the company's stock valued at $1,740,000 after acquiring an additional 31,362 shares during the period. Hedge funds and other institutional investors own 80.39% of the company's stock.

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.

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