Spyre Therapeutics (NASDAQ:SYRE) has been downgraded from a “hold” to a “sell” rating by analysts at Wall Street Zen, according to a research report released on February 2, 2024. This change comes amid varying perspectives from other financial institutions regarding the biotechnology company’s stock performance.
In a recent note, Wells Fargo & Company raised its price target for Spyre Therapeutics from $40.00 to $50.00 and assigned an “overweight” rating. Meanwhile, JonesTrading upgraded the stock from “hold” to “buy” with a target price of $64.00. Citigroup also began coverage on the stock, issuing a “buy” rating and setting the same target price of $64.00.
Market Analysts Provide Mixed Ratings
Despite the downgrade by Wall Street Zen, the overall market sentiment towards Spyre Therapeutics remains varied. As of now, two analysts have given the stock a “strong buy” rating, while seven have rated it as a “buy,” and one has issued a “sell” rating. According to data from MarketBeat, the stock currently holds an average rating of “buy” with a consensus price target of $53.44.
In its most recent earnings report issued on February 26, 2024, Spyre Therapeutics reported an earnings per share (EPS) of ($0.70), which was below analysts’ expectations of ($0.66). Analysts predict that the company will post an EPS of ($4.46) for the current fiscal year.
Insider Activity and Institutional Investments
In related news, CEO Cameron Turtle sold 15,000 shares of Spyre Therapeutics on February 2, 2024, at an average price of $32.80, totaling $492,000. Following this transaction, Turtle retains ownership of 657,540 shares, valued at approximately $21.6 million, representing a 2.23% decrease in his holdings. This sale was reported to the U.S. Securities and Exchange Commission (SEC).
In the past three months, insiders have sold a total of 45,000 shares, amounting to around $1.39 million. Corporate insiders currently own 6.20% of the company’s stock.
Institutional investors have also been active in trading shares of Spyre Therapeutics. Optimize Financial Inc increased its position by 1.5% in the last quarter, now holding 25,331 shares worth approximately $830,000. Similarly, Mercer Global Advisors Inc. ADV boosted its holdings by 0.5%, owning 106,664 shares valued at $1.79 million.
Other notable movements include California State Teachers Retirement System, which grew its stake by 1.8%, and AQR Capital Management LLC, which increased holdings by 4.5% in the fourth quarter. Collectively, hedge funds and institutional investors control approximately 80.39% of Spyre Therapeutics’ stock.
About Spyre Therapeutics
Spyre Therapeutics, Inc. is a clinical-stage biotechnology firm dedicated to the discovery and development of innovative immunotherapies for cancer treatment. The company employs proprietary protein engineering and biologics design platforms to create targeted therapies aimed at enhancing anti-tumor immune responses. Its pipeline includes several candidate therapies for various oncology indications.
With a team of experts in protein design and immunology, Spyre Therapeutics collaborates with leading academic institutions to expedite its research efforts in the field of cancer treatment.
