Spyre Therapeutics (NASDAQ:SYRE) Posts Quarterly Earnings Results

Spyre Therapeutics (NASDAQ:SYRE) announced its quarterly earnings data on Tuesday. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.40, FiscalAI reports.

Spyre Therapeutics Stock Performance

SYRE stock traded up $10.01 on Tuesday, reaching $104.94. The company’s stock had a trading volume of 829,899 shares, compared to its average volume of 1,089,766. The business has a fifty day simple moving average of $88.65 and a two-hundred day simple moving average of $63.65. Spyre Therapeutics has a 12-month low of $14.51 and a 12-month high of $105.25.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Citigroup boosted their price target on shares of Spyre Therapeutics from $64.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. JonesTrading lifted their price target on Spyre Therapeutics from $64.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Wells Fargo & Company boosted their price objective on Spyre Therapeutics from $50.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, April 14th. Leerink Partners increased their price objective on Spyre Therapeutics from $49.00 to $106.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Finally, Jefferies Financial Group raised their target price on shares of Spyre Therapeutics from $47.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Spyre Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $101.42.

Insider Activity at Spyre Therapeutics

In other Spyre Therapeutics news, Director Michael Thomas Henderson sold 20,000 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the sale, the director directly owned 68,606 shares in the company, valued at $6,860,600. This trade represents a 22.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 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 that occurred on Wednesday, July 1st. The stock was sold at an average price of $87.74, for a total value of $658,050.00. Following the transaction, the chief financial officer owned 97,994 shares in the company, valued at $8,597,993.56. This trade represents a 7.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 176,667 shares of company stock valued at $14,177,617. 15.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Persistent Asset Partners Ltd purchased a new stake in shares of Spyre Therapeutics in the 4th quarter worth about $74,000. Russell Investments Group Ltd. boosted its stake in Spyre Therapeutics by 2,881.7% during the third quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after acquiring an additional 4,092 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Spyre Therapeutics by 182.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock worth $86,000 after purchasing an additional 3,725 shares during the period. Martingale Asset Management L P purchased a new stake in Spyre Therapeutics in the fourth quarter worth about $227,000. Finally, Virtus Investment Advisers LLC increased its stake in shares of Spyre Therapeutics by 23.2% during the fourth quarter. Virtus Investment Advisers LLC now owns 7,913 shares of the company’s stock valued at $259,000 after purchasing an additional 1,488 shares in the last quarter. 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.