Spyre Therapeutics, Inc. (NASDAQ:SYRE) has received a positive outlook from analysts, with an average recommendation of “Buy” from eleven research firms currently covering the company, according to MarketBeat Ratings. This assessment includes one sell recommendation, seven buy ratings, and three strong buy ratings. The consensus price target among these analysts stands at approximately $53.88 for the next year.
Recent evaluations from various research analysts highlight increased confidence in Spyre Therapeutics’ potential. On December 17, Citigroup initiated coverage with a “buy” rating and set a target price of $64.00. Similarly, Jones Trading upgraded its assessment from a “hold” to a “buy” rating, also establishing a $64.00 price target. On December 18, Mizuho raised its rating to “strong buy,” while BTIG Research maintained a “buy” rating with a target of $70.00. Additionally, Deutsche Bank Aktiengesellschaft began coverage on September 26, giving a “buy” rating and a target of $43.00.
Recent Financial Performance
Spyre Therapeutics recently released its quarterly earnings on November 4, 2023, reporting earnings per share of ($0.15). This figure surpassed analysts’ consensus estimates of ($0.68) by $0.53. Analysts are predicting a projected earnings per share of ($4.46) for the current year, reflecting ongoing challenges as the company develops its product pipeline.
Insider activity has also garnered attention. CEO Cameron Turtle sold 15,000 shares on January 2 at an average price of $30.68, generating a total of $460,200. Post-transaction, Turtle retained 671,907 shares valued at approximately $20.61 million, representing a 2.18% decrease in ownership. This transaction was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
Institutional Investment Trends
Institutional trading has played a significant role in Spyre Therapeutics’ stock dynamics. Recently, several institutional investors have adjusted their stakes in the company. For instance, Mercer Global Advisors Inc. ADV increased its holdings by 0.5% in the third quarter, owning 106,664 shares valued at $1.79 million after acquiring an additional 522 shares. The California State Teachers Retirement System raised its holdings by 1.8%, while FM Investments LLC and AlphaQuest LLC also boosted their positions in the second quarter.
Overall, institutional investors and hedge funds now hold approximately 80.39% of Spyre Therapeutics’ stock, indicating a robust interest in the company’s future prospects.
Spyre Therapeutics, based in the United States, is a clinical-stage biotechnology firm dedicated to developing innovative immunotherapies for cancer. The company utilizes proprietary technology focused on protein engineering and biologics design to create targeted therapies aimed at enhancing anti-tumor immune responses. With a pipeline that includes multiple candidates for solid tumors and hematologic oncology, the firm collaborates with leading academic institutions to expedite its research efforts.
As analysts continue to show optimism in Spyre Therapeutics, the upcoming year will be pivotal for the company as it seeks to advance its clinical programs and improve its financial standing in the competitive biotechnology landscape.
