Spyre Therapeutics, Inc. (SYRE) – What Are Brokerages Saying About This Stock?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have been assigned an average rating of “Moderate Buy” from the seventeen brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $110.40.

A number of research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of 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 boosted their price objective on shares of Spyre Therapeutics from $90.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Tuesday, September 1st. Robert W. Baird set a $120.00 target price on Spyre Therapeutics in a research note on Wednesday, August 5th. Finally, Guggenheim upped their price objective on shares of Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th.

Insider Activity at Spyre Therapeutics

In related news, insider Heidy King-Jones sold 28,933 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $91.03, for a total transaction of $2,633,770.99. Following the completion of the transaction, the insider owned 2,845 shares of the company’s stock, valued at approximately $258,980.35. This represents a 91.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Scott Burrows sold 18,232 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $89.35, for a total transaction of $1,629,029.20. Following the transaction, the chief financial officer directly owned 79,762 shares in the company, valued at approximately $7,126,734.70. This represents a 18.61% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 183,564 shares of company stock worth $16,903,193. 15.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Spyre Therapeutics

A number of large investors have recently modified their holdings of the company. Summit Securities Group LLC bought a new position in Spyre Therapeutics in the 1st quarter worth approximately $28,000. Integrated Wealth Concepts LLC acquired a new stake in Spyre Therapeutics in the second quarter worth about $31,000. GAMMA Investing LLC increased its stake in Spyre Therapeutics by 26.8% during the 2nd quarter. GAMMA Investing LLC now owns 663 shares of the company’s stock valued at $59,000 after buying an additional 140 shares during the period. KBC Group NV bought a new position in shares of Spyre Therapeutics in the first quarter valued at approximately $69,000. Finally, ABS Direct Equity Fund LLC bought a new stake in Spyre Therapeutics during the first quarter worth approximately $141,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Stock Down 2.3%

Shares of NASDAQ SYRE opened at $78.63 on Friday. The firm has a 50-day moving average price of $92.96 and a 200 day moving average price of $83.92. Spyre Therapeutics has a 52 week low of $21.01 and a 52 week high of $110.18. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of -40.32 and a beta of 3.10.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data 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 expect that Spyre Therapeutics will post -2.71 EPS for the current fiscal year.

About Spyre Therapeutics

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).