Spyre Therapeutics (NASDAQ:SYRE) Shares Up 7.7% – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) rose 7.7% during mid-day trading on Wednesday . The company traded as high as $34.04 and last traded at $33.9520. Approximately 111,662 shares changed hands during trading, a decline of 82% from the average daily volume of 615,968 shares. The stock had previously closed at $31.53.

Analyst Ratings Changes

SYRE has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. Citigroup assumed coverage on Spyre Therapeutics in a research report on Wednesday, December 17th. They issued a “buy” rating and a $64.00 target price on the stock. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. BTIG Research restated a “buy” rating and issued a $70.00 price target on shares of Spyre Therapeutics in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft began coverage on Spyre Therapeutics in a report on Friday, September 26th. They issued a “buy” rating and a $43.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Spyre Therapeutics currently has an average rating of “Buy” and an average target price of $53.88.

Spyre Therapeutics Trading Up 0.5%

The company’s fifty day moving average price is $30.14 and its 200 day moving average price is $22.03.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.53. On average, research analysts predict that Spyre Therapeutics, Inc. will post -4.46 EPS 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 Friday, January 2nd. The stock was sold at an average price of $30.68, for a total transaction of $460,200.00. Following the sale, the chief executive officer directly owned 671,907 shares of the company’s stock, valued at approximately $20,614,106.76. This represents a 2.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 75,000 shares of company stock worth $1,945,350. Corporate insiders own 15.43% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC grew its stake in Spyre Therapeutics by 357.8% during the second quarter. CWM LLC now owns 1,712 shares of the company’s stock worth $26,000 after buying an additional 1,338 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of Spyre Therapeutics by 30.8% during the 2nd quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock worth $62,000 after acquiring an additional 983 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Spyre Therapeutics by 2,881.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,234 shares of the company’s stock worth $71,000 after acquiring an additional 4,092 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Spyre Therapeutics by 25.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock worth $76,000 after acquiring an additional 1,045 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Spyre Therapeutics by 182.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after acquiring an additional 3,725 shares during the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

About Spyre Therapeutics

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.