Wells Fargo & Company Forecasts Strong Price Appreciation for Spyre Therapeutics (NASDAQ:SYRE) Stock

Spyre Therapeutics (NASDAQ:SYRE) had its price target hoisted by stock analysts at Wells Fargo & Company from $40.00 to $50.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 18.83% from the stock’s current price.

Several other equities research analysts have also issued reports on the company. JonesTrading raised Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Monday, December 1st. Mizuho upgraded Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, December 18th. BTIG Research reiterated a “buy” rating and set a $70.00 price objective on shares of Spyre Therapeutics in a research report on Friday. Citigroup began coverage on shares of Spyre Therapeutics in a research note on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spyre Therapeutics in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $53.44.

Spyre Therapeutics Stock Up 11.3%

Spyre Therapeutics stock traded up $4.27 during mid-day trading on Friday, reaching $42.08. 1,015,924 shares of the company’s stock traded hands, compared to its average volume of 652,126. Spyre Therapeutics has a 12-month low of $10.91 and a 12-month high of $42.74. The stock has a 50 day moving average of $33.21 and a two-hundred day moving average of $25.10. The company has a market cap of $3.26 billion, a price-to-earnings ratio of -19.40 and a beta of 3.15.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Thursday, February 26th. The company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04). As a group, sell-side analysts forecast that Spyre Therapeutics will post -4.46 earnings per share for the current year.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $32.80, for a total value of $492,000.00. Following the completion of the sale, the chief executive officer directly owned 657,540 shares of the company’s stock, valued at $21,567,312. The trade was a 2.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 45,000 shares of company stock valued at $1,387,500 in the last quarter. Corporate insiders own 15.43% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Large investors have recently modified their holdings of the company. Optimize Financial Inc increased its holdings in Spyre Therapeutics by 1.5% during the fourth quarter. Optimize Financial Inc now owns 25,331 shares of the company’s stock valued at $830,000 after buying an additional 364 shares during the period. Mercer Global Advisors Inc. ADV lifted its holdings in Spyre Therapeutics by 0.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company’s stock worth $1,788,000 after buying an additional 522 shares during the period. California State Teachers Retirement System boosted its position in Spyre Therapeutics by 1.8% during the 2nd quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock valued at $497,000 after acquiring an additional 603 shares in the last quarter. F m Investments LLC increased its holdings in shares of Spyre Therapeutics by 1.4% in the 2nd quarter. F m Investments LLC now owns 52,546 shares of the company’s stock valued at $787,000 after acquiring an additional 702 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Spyre Therapeutics by 4.5% in the 4th quarter. AQR Capital Management LLC now owns 17,820 shares of the company’s stock valued at $584,000 after acquiring an additional 773 shares during the period. Hedge funds and other institutional investors own 80.39% of the company’s stock.

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.