Wedbush Cuts Spyre Therapeutics (NASDAQ:SYRE) Price Target to $123.00

Spyre Therapeutics (NASDAQ:SYRE) had its price objective trimmed by Wedbush from $130.00 to $123.00 in a report published on Wednesday, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts have also commented on the company. Wells Fargo & Company raised their price target on Spyre Therapeutics from $90.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Mizuho boosted their price objective on shares of Spyre Therapeutics from $84.00 to $120.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Wolfe Research lowered shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a report on Tuesday, July 28th. Wall Street Zen cut shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, August 16th. Finally, Robert W. Baird set a $120.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $109.69.

Spyre Therapeutics Stock Performance

NASDAQ SYRE opened at $90.36 on Wednesday. Spyre Therapeutics has a fifty-two week low of $14.51 and a fifty-two week high of $110.18. The stock has a 50 day simple moving average of $98.43 and a two-hundred day simple moving average of $72.75. The stock has a market cap of $7.95 billion, a P/E ratio of -46.34 and a beta of 3.03.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.40. Sell-side analysts predict that Spyre Therapeutics will post -2.62 earnings per share for the current year.

Insider Transactions at Spyre Therapeutics

In related news, Director Michael Thomas Henderson sold 20,000 shares of Spyre Therapeutics stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the sale, the director directly owned 68,606 shares in the company, valued at $6,860,600. The trade was a 22.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $70.43, for a total value of $1,056,450.00. Following the completion of the sale, the chief executive officer directly owned 597,540 shares in the company, valued at approximately $42,084,742.20. The trade was a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 142,167 shares of company stock worth $12,779,292. 15.69% of the stock is owned by insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Spyre Therapeutics by 18.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company’s stock worth $442,000 after buying an additional 4,277 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Spyre Therapeutics by 13.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 47,279 shares of the company’s stock worth $708,000 after acquiring an additional 5,723 shares in the last quarter. Rhumbline Advisers lifted its position in Spyre Therapeutics by 30.6% during the 2nd quarter. Rhumbline Advisers now owns 73,168 shares of the company’s stock valued at $1,095,000 after acquiring an additional 17,145 shares during the period. New York State Common Retirement Fund lifted its position in Spyre Therapeutics by 61.4% during the 2nd quarter. New York State Common Retirement Fund now owns 16,565 shares of the company’s stock valued at $248,000 after acquiring an additional 6,300 shares during the period. Finally, Invesco Ltd. lifted its position in Spyre Therapeutics by 37.6% during the 2nd quarter. Invesco Ltd. now owns 34,680 shares of the company’s stock valued at $519,000 after acquiring an additional 9,473 shares during the period. 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.