Spyre Therapeutics (NASDAQ:SYRE) Announces Quarterly Earnings Results

Spyre Therapeutics (NASDAQ:SYRE) posted its earnings results on Thursday. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.04), FiscalAI reports.

Spyre Therapeutics Price Performance

Shares of NASDAQ SYRE traded up $1.21 during trading hours on Thursday, reaching $37.81. The stock had a trading volume of 803,793 shares, compared to its average volume of 637,117. The company has a market cap of $2.93 billion, a price-to-earnings ratio of -17.26 and a beta of 3.15. Spyre Therapeutics has a twelve month low of $10.91 and a twelve month high of $38.16. The business’s fifty day moving average is $33.14 and its two-hundred day moving average is $25.01.

Insider Activity

In other news, CEO Cameron Turtle sold 15,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $32.80, for a total transaction of $492,000.00. Following the completion of the transaction, the chief executive officer directly owned 657,540 shares of the company’s stock, valued at approximately $21,567,312. This trade represents a 2.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 45,000 shares of company stock valued at $1,387,500. 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 added to or reduced their stakes in the business. Virtus Investment Advisers LLC grew its stake in shares of Spyre Therapeutics by 23.2% during the fourth quarter. Virtus Investment Advisers LLC now owns 7,913 shares of the company’s stock valued at $259,000 after purchasing an additional 1,488 shares during the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of Spyre Therapeutics during the fourth quarter valued at $332,000. Carlyle Group Inc. acquired a new position in shares of Spyre Therapeutics during the fourth quarter valued at $315,000. State Board of Administration of Florida Retirement System bought a new position in Spyre Therapeutics in the fourth quarter valued at about $296,000. Finally, Dark Forest Capital Management LP acquired a new stake in Spyre Therapeutics in the third quarter worth about $247,000. Institutional investors own 80.39% of the company’s stock.

Analyst Upgrades and Downgrades

SYRE has been the subject of a number of recent analyst reports. BTIG Research reaffirmed a “buy” rating and set a $70.00 target price on shares of Spyre Therapeutics in a research report on Friday, January 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Spyre Therapeutics in a report on Monday, December 29th. JonesTrading raised Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research report on Monday, December 1st. Mizuho upgraded Spyre Therapeutics to a “strong-buy” rating in a research note on Thursday, December 18th. Finally, Wall Street Zen raised Spyre Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $53.88.

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.