Spyre Therapeutics’ (SYRE) “Buy” Rating Reaffirmed at BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a report issued on Thursday, Benzinga reports. They presently have a $121.00 target price on the stock. BTIG Research’s price objective points to a potential upside of 32.43% from the company’s current price.

A number of other equities analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Spyre Therapeutics from $135.00 to $127.00 and set a “buy” rating on the stock in a research report on Wednesday, August 26th. Robert W. Baird set a $120.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Tuesday, September 1st. Guggenheim increased their price objective on Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. began coverage on Spyre Therapeutics in a research note on Thursday. They issued an “overweight” rating and a $110.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $109.71.

Spyre Therapeutics Price Performance

Shares of SYRE stock traded up $2.34 during trading hours on Thursday, hitting $91.37. 197,802 shares of the company’s stock were exchanged, compared to its average volume of 1,099,405. The stock’s 50-day moving average is $96.09 and its 200-day moving average is $81.00. Spyre Therapeutics has a 52 week low of $15.86 and a 52 week high of $110.18. The stock has a market cap of $8.04 billion, a price-to-earnings ratio of -46.77 and a beta of 2.99.

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

Insider Buying and Selling at Spyre Therapeutics

In other news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction 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 transaction, 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 position. 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, insider Heidy King-Jones sold 400 shares of Spyre Therapeutics stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $90.00, for a total value of $36,000.00. Following the sale, the insider directly owned 2,845 shares of the company’s stock, valued at approximately $256,050. This trade represents a 12.33% 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 114,631 shares of company stock worth $10,627,472. 15.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors have recently modified their holdings of SYRE. Summit Securities Group LLC acquired a new stake in shares of Spyre Therapeutics in the 1st quarter valued at approximately $28,000. Integrated Wealth Concepts LLC acquired a new position in Spyre Therapeutics during the second quarter valued at approximately $31,000. GAMMA Investing LLC grew its holdings in Spyre Therapeutics by 26.8% during the second quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock valued at $59,000 after purchasing an additional 140 shares during the period. KBC Group NV bought a new stake in Spyre Therapeutics in the first quarter valued at approximately $69,000. Finally, ABS Direct Equity Fund LLC bought a new stake in Spyre Therapeutics in the first quarter valued at approximately $141,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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).