Jeffrey W. Albers, a director at Spyre Therapeutics, Inc. (NASDAQ:SYRE), recently sold 300 shares of the company's common stock. The shares were sold on October 25 at an average price of $36.43 each, totaling $10,929. Following this transaction, Albers owns 34,060 shares indirectly through Sessions LLC. This sale was conducted under a pre-arranged trading plan established on April 16, 2024.
In other recent news, Spyre Therapeutics has been the subject of several analyst upgrades and positive reviews. Guggenheim maintained a Buy rating on Spyre and increased its price target to $65, citing confidence in the company's diverse portfolio. Analysts highlighted three biologic candidates: SPY001, SPY002, and SPY003, all of which have shown promising preclinical data and are expected to allow for less frequent dosing schedules.
Baird and Wells Fargo also maintained positive outlooks on Spyre, retaining Outperform and Overweight ratings respectively. The firms emphasized the potential of Spyre's drug candidate, SPY003, which has demonstrated a longer half-life in non-human primates, potentially allowing for less frequent dosing schedules for patients.
BTIG and TD Cowen reiterated their Buy ratings, following promising data from Spyre's drug candidates, particularly SPY003. The company has also announced plans to commence first-in-human dosing of SPY003 in the first quarter of 2025.
Evercore ISI initiated coverage on Spyre, assigning an Outperform rating, reflecting confidence in Spyre's potential. These recent developments underscore Spyre's progress in its drug development pipeline and its potential in the evolving market.
InvestingPro Insights
As Jeffrey W. Albers reduces his stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE), investors might be curious about the company's financial health and market performance. According to InvestingPro data, Spyre Therapeutics has a market capitalization of $1.75 billion, reflecting its current valuation in the biotech sector.
Despite the recent insider sale, Spyre Therapeutics has shown remarkable market performance. InvestingPro data reveals a staggering 226.55% price total return over the past year, indicating strong investor confidence. This is further supported by a 22.18% return in the last month alone, suggesting continued momentum.
However, potential investors should note that Spyre Therapeutics is not currently profitable. The company reported a negative gross profit of $84.05 million in the last twelve months as of Q2 2024, with an adjusted operating income of -$172.92 million for the same period. This aligns with an InvestingPro Tip indicating that analysts do not anticipate the company to be profitable this year.
On a positive note, another InvestingPro Tip highlights that Spyre Therapeutics holds more cash than debt on its balance sheet, which could provide financial flexibility as the company continues its operations and research efforts. This solid cash position is particularly important for biotech companies that often require significant capital for drug development and clinical trials.
For readers interested in a more comprehensive analysis, InvestingPro offers 8 additional tips for Spyre Therapeutics, providing a deeper understanding of the company's financial position and market outlook.
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