Analysts have made significant adjustments to the rating of Spyre Therapeutics (NASDAQ:SYRE), with Wall Street Zen downgrading the stock from a “hold” to a “sell” rating in a research report released on Saturday. This change reflects a shift in market sentiment, as analysts continue to evaluate the company’s performance and future prospects.
In contrast, Wells Fargo & Company increased their price target for Spyre Therapeutics from $40.00 to $50.00, issuing an “overweight” rating on Friday. Meanwhile, JonesTrading upgraded the stock from a “hold” to a “buy” rating, setting a target price of $64.00 in a report dated December 1, 2023. Citigroup also initiated coverage on the company, assigning a “buy” rating and a price target of $64.00 in a report on December 17, 2023.
Despite this mixed analyst sentiment, Weiss Ratings reissued a “sell (e+)” rating on Spyre Therapeutics on December 29, 2023. Mizuho followed suit, upgrading the stock to a “strong-buy” rating on December 18, 2023. Currently, two analysts have given the stock a Strong Buy rating, seven have rated it as a Buy, and one has issued a Sell rating. According to data from MarketBeat, the average rating for Spyre Therapeutics stands at “Buy,” with a consensus price target of $53.44.
Recent Financial Performance
Spyre Therapeutics recently released its quarterly earnings data on February 26, 2024. The company reported an earnings per share (EPS) of ($0.70), which fell short of analysts’ expectations of ($0.66) by $0.04. Analysts project that the company will report an EPS of -$4.46 for the current fiscal year.
In terms of insider trading, CEO Cameron Turtle sold 15,000 shares of the company on February 2, 2024, at an average price of $32.80, resulting in a total transaction value of $492,000. Following this sale, Turtle retained ownership of 657,540 shares, valued at approximately $21.57 million, marking a 2.23% decrease in his holdings. Over the past three months, insiders have sold a total of 45,000 shares worth $1.39 million.
Institutional Investor Activity
Recent activity among institutional investors reflects ongoing interest in Spyre Therapeutics. Optimize Financial Inc increased its stake in the company by 1.5% during the fourth quarter, now holding 25,331 shares valued at $830,000 after acquiring an additional 364 shares. Mercer Global Advisors Inc. ADV raised its holdings by 0.5% in the third quarter, owning 106,664 shares worth $1.79 million after purchasing 522 more shares.
Additionally, California State Teachers Retirement System grew its stake by 1.8% during the second quarter, accumulating 33,201 shares valued at $497,000. F m Investments LLC increased its holdings by 1.4% in the same quarter, now owning 52,546 shares worth $787,000. Lastly, AQR Capital Management LLC boosted its stake by 4.5% during the fourth quarter, owning 17,820 shares valued at $584,000.
Currently, approximately 80.39% of Spyre Therapeutics’ stock is owned by hedge funds and institutional investors. This significant institutional backing indicates a strong interest in the company’s potential within the biotechnology sector.
Spyre Therapeutics focuses on developing innovative immunotherapies for cancer using proprietary protein engineering and biologics design platforms. The company is advancing a preclinical pipeline that includes multiple candidate therapies targeting solid tumors and hematologic oncology indications. Established by a team with extensive experience in protein design and immunology, Spyre Therapeutics collaborates with leading academic institutions to accelerate its research and development efforts.
