Spyre Therapeutics (NASDAQ:SYRE) Stock Keeps Buy Rating at BTIG Research

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a research report issued on Thursday, Benzinga reports. They presently have a $121.00 price objective on the stock. BTIG Research’s target price would indicate a potential upside of 29.84% from the stock’s current price.

SYRE has been the subject of a number of other reports. Robert W. Baird set a $120.00 target price on Spyre Therapeutics in a research report on Wednesday, August 5th. Guggenheim increased their target price on Spyre Therapeutics from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. assumed coverage on Spyre Therapeutics in a research report on Thursday. They set an “overweight” rating and a $110.00 target price for the company. Mizuho raised their price target on Spyre Therapeutics from $84.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Tuesday, September 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $109.71.

Spyre Therapeutics Price Performance

Shares of NASDAQ SYRE traded up $3.26 during midday trading on Thursday, reaching $93.19. 1,235,015 shares of the stock traded hands, compared to its average volume of 1,108,406. The stock has a market capitalization of $8.20 billion, a PE ratio of -47.79 and a beta of 3.10. Spyre Therapeutics has a one year low of $15.86 and a one year high of $110.18. The company’s 50 day moving average is $95.89 and its 200 day moving average is $81.35.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Tuesday, August 4th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.40. As a group, equities analysts forecast that Spyre Therapeutics will post -2.71 EPS for the current year.

Insider Activity

In related news, insider Heidy King-Jones sold 27,999 shares of Spyre Therapeutics stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $87.31, for a total transaction of $2,444,592.69. Following the completion of the transaction, the insider directly owned 2,845 shares of the company’s stock, valued at approximately $248,396.95. The trade was a 90.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Spyre Therapeutics 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 transaction, the chief executive officer directly owned 552,540 shares of the company’s stock, valued at approximately $48,231,216.60. This represents a 2.64% 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 valued at $10,627,472 in the last quarter. 15.69% of the stock is currently owned by company insiders.

Institutional Trading of Spyre Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Spyre Therapeutics during the second quarter worth $999,000. Capital International Investors lifted its position in shares of Spyre Therapeutics by 46.0% during the fourth 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. Perceptive Advisors LLC lifted its position in shares of 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 purchasing an additional 714,000 shares during the last quarter. Handelsbanken Fonder AB bought a new stake in shares of Spyre Therapeutics during the second quarter worth $2,308,000. Finally, Maven Securities LTD bought a new stake in shares of Spyre Therapeutics during the second quarter worth $3,551,000. 80.39% of the stock is currently owned by institutional investors.

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).