Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price gapped up prior to trading on Wednesday. The stock had previously closed at $84.72, but opened at $88.64. Spyre Therapeutics shares last traded at $90.4130, with a volume of 259,548 shares changing hands.

Analyst Ratings Changes

A number of analysts recently commented on SYRE shares. Wells Fargo & Company lifted their price objective on Spyre Therapeutics from $90.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a report on Tuesday, September 1st. Wolfe Research cut shares of Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 28th. Wedbush reissued an “outperform” rating and set a $123.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. Finally, Wall Street Zen downgraded shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, August 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $109.69.

Spyre Therapeutics Stock Up 6.6%

The business’s fifty day moving average is $96.30 and its 200-day moving average is $80.65. The stock has a market capitalization of $7.94 billion, a PE ratio of -46.30 and a beta of 2.99.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.40. As a group, sell-side analysts anticipate that Spyre Therapeutics, Inc. will post -2.71 EPS for the current fiscal 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 dated Tuesday, September 1st. The stock was sold at an average price of $87.29, for a total transaction of $1,309,350.00. Following the completion of the sale, the chief executive officer directly owned 552,540 shares in the company, valued at $48,231,216.60. This represents a 2.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey Albers sold 18,000 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $104.55, for a total value of $1,881,900.00. Following the completion of the transaction, the director owned 9,360 shares in the company, valued at approximately $978,588. This trade represents a 65.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 114,631 shares of company stock worth $10,627,472 in the last three months. 15.69% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SYRE. Perceptive Advisors LLC grew its stake in Spyre Therapeutics by 23.3% during the first quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock worth $190,826,000 after buying an additional 714,000 shares during the period. Capital International Investors raised its stake in shares of Spyre Therapeutics by 46.0% in the 4th quarter. Capital International Investors now owns 3,492,541 shares of the company’s stock valued at $114,416,000 after acquiring an additional 1,100,000 shares during the period. Commodore Capital LP raised its stake in shares of Spyre Therapeutics by 20.1% in the 4th quarter. Commodore Capital LP now owns 2,388,245 shares of the company’s stock valued at $78,239,000 after acquiring an additional 400,161 shares during the period. Bank of America Corp DE lifted its holdings in shares of Spyre Therapeutics by 192.6% during the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock valued at $61,945,000 after acquiring an additional 808,366 shares in the last quarter. Finally, Candriam S.C.A. lifted its holdings in shares of Spyre Therapeutics by 43.4% during the 1st quarter. Candriam S.C.A. now owns 610,282 shares of the company’s stock valued at $30,783,000 after acquiring an additional 184,748 shares in 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 developing antibody therapeutics for inflammatory bowel disease (IBD), including ulcerative colitis and Crohn’s disease. The company is working to create next-generation biologic medicines intended to address significant treatment needs in these chronic gastrointestinal conditions.

Spyre’s pipeline includes programs directed at validated inflammatory pathways, including interleukin-23 (IL-23) and tumor necrosis factor-like ligand 1A (TL1A).