Spyre Therapeutics (NASDAQ:SYRE) Given “Buy” Rating at BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reaffirmed by analysts at BTIG Research in a report released on Thursday, Benzinga reports. They currently have a $121.00 target price on the stock. BTIG Research’s target price suggests a potential upside of 32.15% from the stock’s current price.

A number of other analysts also recently commented on SYRE. JPMorgan Chase & Co. began coverage on Spyre Therapeutics in a research note on Thursday. They issued an “overweight” rating and a $110.00 price objective on the stock. Wolfe Research downgraded Spyre Therapeutics from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 28th. Wells Fargo & Company boosted their price objective on Spyre Therapeutics from $90.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Wedbush reissued an “outperform” rating and issued a $123.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, September 9th. Finally, Wall Street Zen downgraded Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $109.71.

Spyre Therapeutics Stock Performance

Shares of NASDAQ:SYRE traded up $1.64 during mid-day trading on Thursday, hitting $91.57. 475,685 shares of the company traded hands, compared to its average volume of 1,104,015. The firm has a market cap of $8.05 billion, a P/E ratio of -46.93 and a beta of 3.10. Spyre Therapeutics has a 52-week low of $15.86 and a 52-week high of $110.18. The firm’s 50 day simple moving average is $95.89 and its 200 day simple moving average is $81.35.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.40. Equities research analysts expect that Spyre Therapeutics will post -2.71 EPS for the current fiscal year.

Insider Transactions at Spyre Therapeutics

In other Spyre Therapeutics news, Director Jeffrey Albers sold 18,000 shares of the business’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 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Cameron Turtle sold 15,000 shares of the 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 transaction, the chief executive officer owned 552,540 shares in the company, valued at $48,231,216.60. This represents a 2.64% decrease in their position. 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. Over the last three months, insiders have sold 114,631 shares of company stock worth $10,627,472. 15.69% of the stock is owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. Perceptive Advisors LLC raised its holdings in shares of Spyre Therapeutics by 23.3% in the 1st 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 in the last quarter. Capital International Investors boosted its position 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 worth $114,416,000 after purchasing an additional 1,100,000 shares during the last quarter. Commodore Capital LP boosted its position 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 worth $78,239,000 after purchasing an additional 400,161 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Spyre Therapeutics by 192.6% in the 1st quarter. Bank of America Corp DE now owns 1,228,093 shares of the company’s stock worth $61,945,000 after purchasing an additional 808,366 shares during the last quarter. Finally, Candriam S.C.A. boosted its position in shares of Spyre Therapeutics by 43.4% in the 1st quarter. Candriam S.C.A. now owns 610,282 shares of the company’s stock worth $30,783,000 after purchasing an additional 184,748 shares during the last quarter. Institutional investors and hedge funds 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).