Spyre Therapeutics (NASDAQ:SYRE) Trading 7.7% Higher – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price shot up 7.7% during mid-day trading on Wednesday . The company traded as high as $34.04 and last traded at $33.9520. 111,662 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 615,968 shares. The stock had previously closed at $31.53.

Wall Street Analyst Weigh In

Several analysts have weighed in on SYRE shares. Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Jones Trading upgraded shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Monday, December 1st. BTIG Research reissued a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a research report on Tuesday, September 16th. Mizuho raised Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, December 18th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $53.88.

Spyre Therapeutics Price Performance

The stock has a market cap of $2.58 billion, a P/E ratio of -15.21 and a beta of 3.17. The stock has a 50-day simple moving average of $29.72 and a 200-day simple moving average of $21.87.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.68) by $0.53. As a group, sell-side analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, CEO Cameron Turtle sold 45,000 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $23.33, for a total value of $1,049,850.00. Following the completion of the transaction, the chief executive officer directly owned 701,907 shares in the company, valued at approximately $16,375,490.31. This trade represents a 6.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 75,000 shares of company stock valued at $1,945,350. 6.20% of the stock is owned by corporate insiders.

Institutional Trading of Spyre Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of Spyre Therapeutics by 357.8% during the second quarter. CWM LLC now owns 1,712 shares of the company’s stock worth $26,000 after buying an additional 1,338 shares during the period. AlphaQuest LLC lifted its stake in shares of Spyre Therapeutics by 30.8% in the 2nd quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock valued at $62,000 after purchasing an additional 983 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Spyre Therapeutics by 2,881.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after purchasing an additional 4,092 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in Spyre Therapeutics by 25.8% during the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock worth $76,000 after purchasing an additional 1,045 shares during the period. Finally, Tower Research Capital LLC TRC increased 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 in the last quarter. 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 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.