Spyre Therapeutics (NASDAQ:SYRE) Stock Price Up 7.1% – Still a Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares traded up 7.1% during trading on Monday. The stock traded as high as $84.84 and last traded at $85.5910. 415,933 shares changed hands during trading, a decline of 63% from the average daily volume of 1,136,495 shares. The stock had previously closed at $79.90.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SYRE shares. Wedbush reaffirmed an “outperform” rating and set a $123.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, September 9th. Wolfe Research downgraded Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 28th. Guggenheim raised their price target on Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Mizuho raised their price target on Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating for the company in a report on Wednesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $110.40.

Spyre Therapeutics Trading Up 7.9%

The firm’s 50-day moving average price is $91.35 and its two-hundred day moving average price is $84.93. The stock has a market cap of $9.31 billion, a PE ratio of -46.87 and a beta of 3.10.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.40. On average, analysts anticipate that Spyre Therapeutics, Inc. will post -2.71 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Scott L. Burrows sold 7,500 shares of Spyre Therapeutics stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.83, for a total value of $688,725.00. Following the transaction, the chief financial officer directly owned 79,762 shares in the company, valued at approximately $7,324,544.46. This trade represents a 8.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Heidy King-Jones sold 28,933 shares of the business’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.03, for a total value of $2,633,770.99. Following the completion of the transaction, the insider directly owned 2,845 shares of the company’s stock, valued at approximately $258,980.35. The trade was a 91.05% 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 sold a total of 183,564 shares of company stock worth $16,903,193 over the last quarter. Insiders own 15.69% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC lifted its position in Spyre Therapeutics by 24.3% during the third quarter. Nisa Investment Advisors LLC now owns 2,918 shares of the company’s stock valued at $260,000 after acquiring an additional 571 shares during the last quarter. IFP Advisors Inc boosted its stake in Spyre Therapeutics by 3,241.7% in the third quarter. IFP Advisors Inc now owns 802 shares of the company’s stock valued at $71,000 after acquiring an additional 778 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Spyre Therapeutics in the third quarter valued at approximately $53,349,000. GAMMA Investing LLC boosted its stake in Spyre Therapeutics by 24.4% in the third quarter. GAMMA Investing LLC now owns 825 shares of the company’s stock valued at $73,000 after acquiring an additional 162 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new position in Spyre Therapeutics in the second quarter worth $3,416,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on developing next-generation treatments for inflammatory bowel disease (IBD), including Crohn’s disease and ulcerative colitis. The company’s approach is centered on engineered antibody therapies designed to provide durable disease control, convenient dosing and improved treatment characteristics.

Spyre’s investigational pipeline includes antibody programs directed at important inflammatory pathways, including interleukin-23 (IL-23) and TL1A.