Spyre Therapeutics’ (SYRE) “Outperform” Rating Reaffirmed at Wedbush

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “outperform” rating restated by analysts at Wedbush in a report issued on Wednesday, Benzinga reports. They presently have a $123.00 price target on the stock. Wedbush’s price objective would suggest a potential upside of 35.48% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft dropped their price objective on Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating for the company in a research note on Wednesday, August 26th. Wells Fargo & Company raised their price target on Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, August 16th. Robert W. Baird set a $120.00 price objective on Spyre Therapeutics in a report on Wednesday, August 5th. Finally, Wolfe Research cut shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $109.69.

Spyre Therapeutics Trading Up 2.0%

Spyre Therapeutics stock opened at $90.79 on Wednesday. Spyre Therapeutics has a 1-year low of $14.51 and a 1-year high of $110.18. The firm has a market capitalization of $7.98 billion, a PE ratio of -46.56 and a beta of 2.99. The firm’s 50 day simple moving average is $98.07 and its 200 day simple moving average is $75.65.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.40. Research analysts forecast that Spyre Therapeutics will post -2.62 earnings per share for the current year.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $87.29, for a total value of $1,309,350.00. Following the completion of the sale, the chief executive officer owned 552,540 shares of the company’s stock, valued at $48,231,216.60. This represents a 2.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey Albers sold 18,000 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $104.55, for a total transaction of $1,881,900.00. Following the transaction, the director owned 9,360 shares in the company, valued at $978,588. The trade was a 65.79% 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. Over the last 90 days, insiders have sold 180,465 shares of company stock worth $16,638,714. 15.69% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in SYRE. GAMMA Investing LLC raised its position in Spyre Therapeutics by 26.8% in the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock worth $59,000 after purchasing an additional 140 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Spyre Therapeutics during the second quarter valued at about $31,000. Optimize Financial Inc grew its stake in shares of Spyre Therapeutics by 1.5% during 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 during the last quarter. Mercer Global Advisors Inc. ADV grew its stake 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 buying an additional 522 shares during the last quarter. Finally, Summit Securities Group LLC purchased a new position in shares of Spyre Therapeutics in the first quarter worth about $28,000. 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.