Spyre Therapeutics (NASDAQ:SYRE) Reaches New 12-Month High – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE) hit a new 52-week high on Tuesday . The company traded as high as $49.42 and last traded at $48.9110, with a volume of 75970 shares traded. The stock had previously closed at $45.42.

Analyst Upgrades and Downgrades

SYRE has been the topic of several research analyst reports. Citigroup initiated coverage on Spyre Therapeutics in a research note on Wednesday, December 17th. They set a “buy” rating and a $64.00 price objective on the stock. Mizuho upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Thursday, December 18th. Stifel Nicolaus raised their price target on Spyre Therapeutics from $70.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Finally, Wells Fargo & Company boosted their price objective on Spyre Therapeutics from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $60.67.

Spyre Therapeutics Trading Up 10.4%

The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of -24.17 and a beta of 3.08. The stock’s 50 day moving average is $38.79 and its two-hundred day moving average is $30.22.

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

Insider Buying and Selling

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $42.19, for a total transaction of $632,850.00. Following the completion of the transaction, the chief executive officer owned 642,540 shares of the company’s stock, valued at $27,108,762.60. This represents a 2.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Scott L. Burrows sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $40.65, for a total transaction of $101,625.00. Following the transaction, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at $3,983,456.10. This represents a 2.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 47,500 shares of company stock worth $1,686,675. 6.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Optimize Financial Inc grew its stake in shares of Spyre Therapeutics by 1.5% in the fourth quarter. Optimize Financial Inc now owns 25,331 shares of the company’s stock valued at $830,000 after buying an additional 364 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Spyre Therapeutics by 0.5% during the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company’s stock worth $1,788,000 after buying an additional 522 shares during the last quarter. California State Teachers Retirement System raised its position in Spyre Therapeutics by 1.8% during the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock worth $497,000 after acquiring an additional 603 shares in the last quarter. AQR Capital Management LLC lifted its stake in Spyre Therapeutics by 4.5% in the fourth quarter. AQR Capital Management LLC now owns 17,820 shares of the company’s stock valued at $584,000 after acquiring an additional 773 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its position in shares of Spyre Therapeutics by 25.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $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.

About Spyre Therapeutics

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.