Spyre Therapeutics (NASDAQ:SYRE) Shares Up 6.3% – Here’s Why

by · The Markets Daily

Spyre Therapeutics, Inc. (NASDAQ:SYRE – Get Free Report) shares were up 6.3% during trading on Friday . The company traded as high as $39.69 and last traded at $40.2020. Approximately 39,453 shares were traded during trading, a decline of 94% from the average daily volume of 624,201 shares. The stock had previously closed at $37.81.

Wall Street Analysts Forecast Growth

SYRE has been the topic of several recent research reports. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Citigroup initiated coverage on shares of Spyre Therapeutics in a research note on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday, December 29th. JonesTrading upgraded Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Monday, December 1st. Finally, BTIG Research reaffirmed a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a research report on Friday. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $53.88.

View Our Latest Report on Spyre Therapeutics

Spyre Therapeutics Stock Performance

The firm’s 50-day simple moving average is $33.21 and its 200 day simple moving average is $25.10. The stock has a market capitalization of $3.23 billion, a P/E ratio of -19.03 and a beta of 3.15.

Spyre Therapeutics (NASDAQ:SYRE – Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.04). As a group, research analysts expect that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Spyre Therapeutics news, CEO Cameron Turtle sold 15,000 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $32.80, for a total transaction of $492,000.00. Following the transaction, the chief executive officer owned 657,540 shares in the company, valued at $21,567,312. This trade represents a 2.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders sold 45,000 shares of company stock worth $1,387,500. Company insiders own 15.43% of the company’s stock.

Institutional Trading of Spyre Therapeutics

Large investors have recently made changes to their positions in the company. Invesco Ltd. boosted its position in Spyre Therapeutics by 197.7% in the fourth quarter. Invesco Ltd. now owns 150,934 shares of the company’s stock valued at $4,945,000 after buying an additional 100,232 shares in the last quarter. VARCOV Co. bought a new position in Spyre Therapeutics during the 4th quarter worth $262,000. Virtus Investment Advisers LLC lifted its holdings in Spyre Therapeutics by 23.2% during the 4th quarter. Virtus Investment Advisers LLC now owns 7,913 shares of the company’s stock worth $259,000 after buying an additional 1,488 shares during the period. Susquehanna Portfolio Strategies LLC grew its position in shares of Spyre Therapeutics by 144.3% in the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 53,101 shares of the company’s stock valued at $1,740,000 after buying an additional 31,362 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new position in shares of Spyre Therapeutics during the fourth quarter worth about $332,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

(Get Free Report)

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.

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