Spyre Therapeutics’ (SYRE) Buy Rating Reiterated at BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reiterated by equities researchers at BTIG Research in a research report issued on Tuesday,Benzinga reports. They presently have a $70.00 price objective on the stock. BTIG Research’s target price points to a potential upside of 54.12% from the stock’s current price.

SYRE has been the subject of several other research reports. Wall Street Zen downgraded shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Leerink Partners raised shares of Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, February 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. Citigroup began coverage on Spyre Therapeutics in a report on Wednesday, December 17th. They set a “buy” rating and a $64.00 price objective for the company. Finally, Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, December 18th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $60.67.

Spyre Therapeutics Trading Down 4.0%

SYRE opened at $45.42 on Tuesday. The stock’s fifty day simple moving average is $38.79 and its 200 day simple moving average is $30.22. Spyre Therapeutics has a 1-year low of $10.91 and a 1-year high of $49.31. The stock has a market cap of $3.57 billion, a PE ratio of -21.84 and a beta of 3.08.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04). Equities analysts forecast that Spyre Therapeutics will post -4.46 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $42.19, for a total transaction of $632,850.00. Following the completion of the sale, the chief executive officer directly owned 642,540 shares in the company, valued at approximately $27,108,762.60. This represents a 2.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Scott L. Burrows sold 2,500 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $40.65, for a total value of $101,625.00. Following the sale, the chief financial officer directly owned 97,994 shares in the company, valued at approximately $3,983,456.10. This trade represents a 2.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 47,500 shares of company stock worth $1,686,675 in the last three months. 6.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Spyre Therapeutics by 18.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock worth $442,000 after buying an additional 4,277 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Spyre Therapeutics by 13.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock valued at $708,000 after buying an additional 5,723 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock worth $1,095,000 after acquiring an additional 17,145 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in shares of Spyre Therapeutics by 25.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock worth $76,000 after acquiring an additional 1,045 shares during the period. Finally, Schroder Investment Management Group boosted its position in shares of Spyre Therapeutics by 19.4% during the 2nd quarter. Schroder Investment Management Group now owns 129,558 shares of the company’s stock worth $1,972,000 after acquiring an additional 21,054 shares in the last quarter. Institutional investors and hedge funds 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.