Spyre Therapeutics CFO Scott Burrows sells $2.28m in shares

Scott L. Burrows, Chief Financial Officer of Spyre Therapeutics, Inc. (NASDAQ:SYRE), divested a significant portion of his holdings, selling approximately $2.28 million worth of common stock on September 1 and September 2, 2026. This sale, which transpired under a Rule 10b5-1 trading plan, comprised 7,500 shares sold on September 1 at prices between $86.25 and $89.04 per share, followed by an additional 18,232 shares sold on September 2 at an average price of $89.35 per share.

The latter sale was specifically to meet tax obligations related to the settlement of 33,738 restricted stock units. In contrast to these sales, Burrows bolstered his position on September 1 by acquiring 7,500 shares through the exercise of stock options, paying $14.50 per share. This amounted to roughly $108,750 and was also executed under the same trading plan.

The option allows for the purchase of 404,857 shares, which were adjusted for a 1-for-25 reverse stock split in September 2023. These transactions occurred amidst positive clinical results from Spyre's Phase II SKYWAY-RA program, where SPY072/TL1A demonstrated promise in rheumatoid arthritis patients, although not enough to warrant monotherapy development.

Analysts' reactions varied, with some endorsing the company's prospects for growth in inflammatory bowel disease (IBD) and others expressing reservations about the stock's valuation.