Spyre Therapeutics (NASDAQ:SYRE) Hits New 12-Month High – Time to Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $101.71 and last traded at $100.32, with a volume of 2804591 shares trading hands. The stock had previously closed at $88.34.

Wall Street Analyst Weigh In

SYRE has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on shares of Spyre Therapeutics from $50.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, April 14th. Jefferies Financial Group raised their price objective on Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Wedbush restated an “outperform” rating and set a $100.00 target price on shares of Spyre Therapeutics in a research note on Tuesday, June 16th. Robert W. Baird upped their target price on Spyre Therapeutics from $65.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, April 14th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Spyre Therapeutics from $102.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $94.17.

Spyre Therapeutics Trading Up 13.6%

The stock has a market capitalization of $8.71 billion, a price-to-earnings ratio of -48.23 and a beta of 3.05. The firm has a 50-day moving average of $74.18 and a 200-day moving average of $50.42.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.08). On average, equities research analysts anticipate that Spyre Therapeutics, Inc. will post -2.86 EPS for the current year.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, Director Michael Thomas Henderson sold 80,000 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $74.40, for a total transaction of $5,952,000.00. Following the completion of the transaction, the director directly owned 88,606 shares of the company’s stock, valued at approximately $6,592,286.40. This trade represents a 47.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $70.43, for a total transaction of $1,056,450.00. Following the sale, the chief executive officer owned 597,540 shares of the company’s stock, valued at approximately $42,084,742.20. The trade was a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 247,124 shares of company stock worth $17,237,760 in the last ninety days. Corporate insiders own 15.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Spyre Therapeutics by 18.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock valued at $442,000 after purchasing an additional 4,277 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Spyre Therapeutics by 13.8% during 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 during the last quarter. Rhumbline Advisers raised its stake in shares of Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock valued at $1,095,000 after buying an additional 17,145 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Spyre Therapeutics by 61.4% in the 2nd quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock valued at $248,000 after buying an additional 6,300 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Spyre Therapeutics by 37.6% in the 2nd quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock valued at $519,000 after buying an additional 9,473 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.