Jeffrey W. Albers, a director at Spyre Therapeutics, Inc. (NASDAQ:SYRE), recently sold 6,700 shares of the company's common stock. The sale, conducted on November 6, 2024, was executed under a pre-arranged Rule 10b5-1 trading plan adopted earlier this year on April 16. The shares were sold at a weighted average price of $36.7631, resulting in a total transaction value of $246,312.
Following this transaction, Albers holds 27,360 shares indirectly through Sessions LLC. The shares were sold in multiple transactions, with prices ranging from $36.48 to $37.00.
In other recent news, Spyre Therapeutics has been the focus of several analyst firms due to its promising drug development pipeline. Guggenheim maintained a Buy rating on the company and increased its price target to $65, highlighting the potential of Spyre's biologic candidates: SPY001, SPY002, and SPY003. Similarly, Baird reaffirmed its Outperform rating, while Wells Fargo (NYSE:WFC) and BTIG maintained Overweight and Buy ratings respectively.
The drug candidates, currently in various stages of development, are expected to offer improved dosing schedules and efficacy. SPY001, an anti-α4β7 antibody, is expected to allow for quarterly dosing, with Phase I data anticipated soon. SPY002, an anti-TL1A antibody, has shown promising preclinical data and is projected to enable quarterly dosing. SPY003, an anti-IL-23 (p19) antibody, has demonstrated efficacy comparable to AbbVie (NYSE:ABBV)'s Skyrizi in preclinical trials, with data anticipated in 2025.
These recent developments highlight Spyre's potential in the evolving market. The company has appointed Sheldon Sloan, M.D., M. Bioethics, as its new Chief Medical (TASE:PMCN) Officer, bringing his 25 years of experience in the pharmaceutical industry to the team. It's important to note that these are recent developments and investors are advised to keep an eye on the company's progress.
InvestingPro Insights
As Jeffrey W. Albers reduces his stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE), investors might be interested in the company's current financial position and market performance. According to InvestingPro data, Spyre Therapeutics has a market capitalization of $2.01 billion, reflecting its position as a mid-cap biotech company.
The stock has shown remarkable performance, with a one-year price total return of 288.56% as of the latest data. This impressive gain aligns with an InvestingPro Tip indicating that the company has delivered a "High return over the last year." Additionally, Spyre has demonstrated strong momentum in the short term, with a 35.19% return over the past month.
However, potential investors should note that Spyre Therapeutics is not currently profitable, with a negative P/E ratio of -9.31 for the last twelve months. This is consistent with another InvestingPro Tip suggesting that "Analysts do not anticipate the company will be profitable this year." This is not uncommon for biotech companies in development stages, but it's an important factor for investors to consider.
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Spyre Therapeutics, providing a deeper understanding of the company's financial health and market position. These insights can be particularly valuable given the volatile nature of biotech stocks and the recent insider selling activity.
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