Spyre Therapeutics (NASDAQ:SYRE) Hits New 1-Year High – Should You Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) hit a new 52-week high on Monday . The company traded as high as $35.58 and last traded at $33.8310, with a volume of 30571 shares traded. The stock had previously closed at $35.12.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SYRE. BTIG Research reiterated a “buy” rating and issued a $70.00 target price on shares of Spyre Therapeutics in a report on Friday, January 16th. Jones Trading raised shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research report on Monday, December 1st. Wall Street Zen upgraded shares of Spyre Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Citigroup started coverage on shares of Spyre Therapeutics in a research note on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $53.88.

Spyre Therapeutics Stock Down 1.5%

The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of -15.81 and a beta of 3.15. The company’s 50 day moving average price is $32.68 and its 200 day moving average price is $24.05.

Insiders Place Their Bets

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $32.80, for a total transaction of $492,000.00. Following the sale, the chief executive officer owned 657,540 shares in the company, valued at approximately $21,567,312. The trade was a 2.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 45,000 shares of company stock worth $1,387,500. 15.43% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. CWM LLC boosted its position in Spyre Therapeutics by 357.8% in the second quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after buying an additional 1,338 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Spyre Therapeutics by 61.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,770 shares of the company’s stock valued at $124,000 after acquiring an additional 1,435 shares during the period. AlphaQuest LLC boosted its holdings 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 acquiring an additional 983 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Spyre Therapeutics by 2,881.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock valued at $71,000 after acquiring an additional 4,092 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its stake in shares of Spyre Therapeutics by 25.8% in the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock worth $76,000 after acquiring an additional 1,045 shares during the period. 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.