Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – What’s Next?
by Scott Moore · The Cerbat GemShares of Spyre Therapeutics, Inc. (NASDAQ:SYRE – Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $88.34, but opened at $95.00. Spyre Therapeutics shares last traded at $99.7440, with a volume of 419,816 shares traded.
Analyst Upgrades and Downgrades
SYRE has been the topic of a number of research reports. Raymond James Financial began coverage on shares of Spyre Therapeutics in a research report on Monday, April 13th. They set a “strong-buy” rating and a $80.00 target price on the stock. Wedbush restated an “outperform” rating and issued a $100.00 price target on shares of Spyre Therapeutics in a research report on Tuesday, June 16th. BTIG Research boosted their price objective on shares of Spyre Therapeutics from $98.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Leerink Partners boosted their price objective on shares of Spyre Therapeutics from $49.00 to $106.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Finally, Robert W. Baird upped their price objective on shares of Spyre Therapeutics from $65.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, April 14th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $95.83.
Read Our Latest Report on SYRE
Spyre Therapeutics Stock Down 3.3%
The business has a 50-day moving average price of $75.09 and a 200-day moving average price of $50.88. The firm has a market capitalization of $8.43 billion, a P/E ratio of -46.66 and a beta of 3.05.
Spyre Therapeutics (NASDAQ:SYRE – Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.08). As a group, sell-side analysts forecast that Spyre Therapeutics, Inc. will post -2.86 EPS for the current year.
Insider Buying and Selling at Spyre Therapeutics
In related news, Director Michael Thomas Henderson sold 80,000 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $74.40, for a total value of $5,952,000.00. Following the sale, the director owned 88,606 shares of the company’s stock, valued at $6,592,286.40. The trade was a 47.45% decrease in their ownership of the stock. The transaction 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, CFO Scott L. Burrows sold 12,500 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $71.37, for a total transaction of $892,125.00. Following the completion of the transaction, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at $6,993,831.78. This trade represents a 11.31% 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. In the last 90 days, insiders have sold 267,124 shares of company stock worth $19,237,760. Corporate insiders own 15.69% of the company’s stock.
Institutional Investors Weigh In On Spyre Therapeutics
A number of institutional investors have recently added to or reduced their stakes in the stock. RTW Investments LP raised its holdings in shares of Spyre Therapeutics by 15.2% in the 4th quarter. RTW Investments LP now owns 4,171,996 shares of the company’s stock worth $136,675,000 after buying an additional 550,000 shares in the last quarter. Vanguard Group Inc. boosted its stake in Spyre Therapeutics by 32.3% in the 4th quarter. Vanguard Group Inc. now owns 4,035,074 shares of the company’s stock valued at $132,189,000 after buying an additional 984,344 shares in the last quarter. Perceptive Advisors LLC boosted its stake in Spyre Therapeutics by 23.3% in the 1st quarter. Perceptive Advisors LLC now owns 3,783,225 shares of the company’s stock valued at $190,826,000 after buying an additional 714,000 shares in the last quarter. Capital International Investors grew its position in Spyre Therapeutics by 46.0% in the fourth 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. Finally, Commodore Capital LP grew its position in Spyre Therapeutics by 20.1% in the fourth 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. 80.39% of the stock is owned by institutional investors and hedge funds.
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.