Spyre Therapeutics (NASDAQ:SYRE) Shares Cross Above 50 Day Moving Average – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $90.75 and traded as high as $94.19. Spyre Therapeutics shares last traded at $92.91, with a volume of 637,158 shares changing hands.

Analyst Upgrades and Downgrades

SYRE has been the topic of several recent research reports. Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, August 5th. Mizuho upped their price target on Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Wolfe Research downgraded Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 28th. BTIG Research reiterated a “buy” rating and set a $121.00 price objective on shares of Spyre Therapeutics in a research report on Monday, October 19th. Finally, Wedbush reissued an “outperform” rating and set a $123.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.40.

Spyre Therapeutics Stock Performance

The business’s 50 day moving average is $90.48 and its 200 day moving average is $72.19. The stock has a market cap of $10.17 billion, a price-to-earnings ratio of -51.15 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, topping the consensus estimate of ($0.76) by $0.40. Research analysts expect that Spyre Therapeutics, Inc. will post -2.71 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Scott L. Burrows sold 7,500 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $91.83, for a total transaction of $688,725.00. Following the transaction, the chief financial officer directly owned 79,762 shares of the company’s stock, valued at approximately $7,324,544.46. The trade was a 8.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey W. Albers sold 18,000 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $104.55, for a total value of $1,881,900.00. Following the transaction, the director directly owned 9,360 shares in the company, valued at $978,588. The trade was a 65.79% decrease in their ownership of the stock. 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 ninety days, insiders sold 183,564 shares of company stock worth $16,903,193. 15.69% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors have recently bought and sold shares of SYRE. GAMMA Investing LLC grew its stake in Spyre Therapeutics by 26.8% during the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock valued at $59,000 after acquiring an additional 140 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Spyre Therapeutics in the 2nd quarter valued at about $31,000. Summit Securities Group LLC acquired a new position in shares of Spyre Therapeutics in the 1st quarter valued at about $28,000. Nisa Investment Advisors LLC lifted its position in shares of Spyre Therapeutics by 24.3% in the third quarter. Nisa Investment Advisors LLC now owns 2,918 shares of the company’s stock worth $260,000 after purchasing an additional 571 shares in the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Spyre Therapeutics by 3,241.7% in the third quarter. IFP Advisors Inc now owns 802 shares of the company’s stock worth $71,000 after purchasing an additional 778 shares in the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.

About Spyre Therapeutics

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.