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

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reaffirmed by stock analysts at BTIG Research in a note issued to investors on Thursday, Benzinga reports. They presently have a $121.00 target price on the stock. BTIG Research’s price target indicates a potential upside of 29.84% from the stock’s current price.

A number of other research analysts have also issued reports on SYRE. Robert W. Baird set a $120.00 price target on shares of Spyre Therapeutics in a research note on Wednesday, August 5th. Mizuho lifted their price objective on Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 13th. JPMorgan Chase & Co. initiated coverage on Spyre Therapeutics in a research note on Thursday. They set an “overweight” rating and a $110.00 target price for the company. Wells Fargo & Company lifted their price target on Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Spyre Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $109.71.

Spyre Therapeutics Trading Up 3.6%

Shares of Spyre Therapeutics stock traded up $3.26 during trading hours on Thursday, hitting $93.19. 1,235,014 shares of the company were exchanged, compared to its average volume of 1,108,406. The business has a 50-day moving average of $95.89 and a 200-day moving average of $81.35. Spyre Therapeutics has a 1 year low of $15.86 and a 1 year high of $110.18. The stock has a market capitalization of $8.20 billion, a price-to-earnings ratio of -47.79 and a beta of 3.10.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.40. As a group, research analysts anticipate that Spyre Therapeutics will post -2.71 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Heidy King-Jones sold 400 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $90.00, for a total value of $36,000.00. Following the completion of the transaction, the insider owned 2,845 shares of the company’s stock, valued at approximately $256,050. The trade was a 12.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott L. Burrows sold 18,232 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the sale, the chief financial officer directly owned 79,762 shares in the company, valued at $7,126,734.70. This represents a 18.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 114,631 shares of company stock valued at $10,627,472 over the last three months. Insiders own 15.69% of the company’s stock.

Institutional Trading of Spyre Therapeutics

A number of hedge funds have recently bought and sold shares of the company. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Spyre Therapeutics in the second quarter valued at $999,000. Capital International Investors lifted its position in Spyre Therapeutics by 46.0% during the fourth quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock worth $114,416,000 after buying an additional 1,100,000 shares during the period. Perceptive Advisors LLC boosted its stake in Spyre Therapeutics by 23.3% in the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after buying an additional 714,000 shares during the last quarter. Handelsbanken Fonder AB purchased a new stake in Spyre Therapeutics in the 2nd quarter valued at about $2,308,000. Finally, Maven Securities LTD acquired a new position in shares of Spyre Therapeutics during the 2nd quarter valued at about $3,551,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre’s pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).