Spyre Therapeutics (NASDAQ:SYRE) Sets New 12-Month High – Here’s What Happened

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) hit a new 52-week high on Wednesday . The stock traded as high as $45.79 and last traded at $45.68, with a volume of 666450 shares traded. The stock had previously closed at $42.22.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SYRE. JonesTrading raised shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Monday, December 1st. Mizuho upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, December 18th. Stifel Nicolaus increased their price objective on shares of Spyre Therapeutics from $70.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, March 18th. Leerink Partners upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Thursday, February 19th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $60.67.

Spyre Therapeutics Price Performance

The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of -21.96 and a beta of 3.09. The stock has a 50 day moving average price of $37.72 and a 200-day moving average price of $29.37.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.04). As a group, research analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Insider Transactions at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $42.19, for a total value of $632,850.00. Following the transaction, the chief executive officer directly owned 642,540 shares of the company’s stock, valued at approximately $27,108,762.60. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Scott L. Burrows sold 2,500 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $40.65, for a total transaction of $101,625.00. Following the completion of the sale, the chief financial officer owned 97,994 shares of the company’s stock, valued at approximately $3,983,456.10. The trade was a 2.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 47,500 shares of company stock valued at $1,686,675 over the last quarter. Company insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Spyre Therapeutics

Hedge funds have recently modified their holdings of the company. Optimize Financial Inc lifted its stake in shares of Spyre Therapeutics by 1.5% in the 4th quarter. Optimize Financial Inc now owns 25,331 shares of the company’s stock valued at $830,000 after purchasing an additional 364 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in shares of Spyre Therapeutics by 0.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company’s stock valued at $1,788,000 after acquiring an additional 522 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Spyre Therapeutics by 1.8% in the 2nd quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock valued at $497,000 after acquiring an additional 603 shares during the period. F m Investments LLC lifted its holdings in shares of Spyre Therapeutics by 1.4% in the 2nd quarter. F m Investments LLC now owns 52,546 shares of the company’s stock worth $787,000 after acquiring an additional 702 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Spyre Therapeutics by 4.5% in the 4th quarter. AQR Capital Management LLC now owns 17,820 shares of the company’s stock worth $584,000 after acquiring an additional 773 shares during the last quarter. Hedge funds and other institutional investors 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.