Driehaus Capital Management 13F: Cuts SYRE Stake by $7.4M

Driehaus Capital Scales Back Spyre Holding

Driehaus Capital Management, known for its aggressive growth investment style that targets companies with strong earnings momentum, has scaled back its commitment to Spyre Therapeutics, Inc. (NASDAQ: SYRE). According to its latest Form 13F filing with the SEC, the fund trimmed its holdings in the clinical-stage biotechnology company by 3.18%.

This adjustment reflects the fund's holdings as of the end of the reporting period on May 15, 2026. Because 13F filings are backward-looking documents, they show a snapshot of a portfolio at a specific moment and may not reflect the fund's current, active market positions.

Growth Investors Adjust Their Biotech Bets

In its latest transaction, Driehaus Capital Management sold 91,635 shares of Spyre Therapeutics. After this reduction, the investment firm still holds a substantial portion of the company, retaining 2,790,785 shares. The remaining stake is valued at $225,467,522, based on the cost basis of $25.53 per share reported in the filing. This move is consistent with the fund's broader strategy of actively managing risk in highly volatile biotechnology names as clinical milestones approach.

Spyre Therapeutics Stock Performance

On Saturday, shares of Spyre Therapeutics traded at $80.79. The stock has experienced wide swings over the past year, moving between a 52-week low of $15.11 and a 52-week high of $110.18. Despite the recent trim by Driehaus, the stock continues to trade comfortably above its 200-day moving average of $65.16, though it has dipped below its 50-day moving average of $97.83. The biotech firm's market capitalization is approximately $8.11 billion.

Recent Earnings and Financial Health

As a clinical-stage biotechnology company, Spyre Therapeutics does not yet have commercialized products to generate steady revenue. The company reported a net margin of 0.0% and a return on equity of -22.98%. Its earnings per share stand at -$1.92. Because it operates at a loss, the company has no meaningful P/E ratio, though its forward P/E ratio is listed at -26.12. Spyre keeps a highly liquid balance sheet to fund its ongoing drug trials, carrying a current ratio of 18.53 and a quick ratio of 18.23. Investors will get their next financial update when the company reports earnings on November 3, 2026.

Insider Buying and Selling at Spyre Therapeutics, Inc.

Several notable insider moves have taken place recently. On June 25, 2026, Chief Financial Officer Scott Burrows acquired 15,000 shares of common stock at an average price of $14.50, representing a total value of $217,500. On the same day, Burrows also disposed of 15,000 shares at a price of $0.00. Earlier in the month, on June 22, 2026, insider Henderson Michael Thomas disposed of 20,000 shares at $100.00 each, totaling $2,000,000 under a pre-arranged trading plan. Additionally, institutional insider Fairmount Funds Management LLC had active days on June 23, 2026, purchasing 666,680 shares and selling 4,684,781 shares at $85.31 per share for a total transaction value of $399,658,667.

Wall Street Analysts Remain Highly Optimistic

Wall Street analysts maintain an exceptionally positive outlook on Spyre Therapeutics. On October 12, 2026, UBS initiated coverage on the stock, issuing a Buy rating and setting a price target of $120.00. JP Morgan also initiated coverage earlier in the month on October 1, 2026, with an Overweight rating and a $110.00 target.

Several other firms have reiterated or adjusted their targets. BTIG reiterated its Buy rating with a $121.00 price target on October 1, 2026. On September 9, 2026, Wedbush reiterated its Outperform rating with a $123.00 price target. Deutsche Bank maintained its Buy rating on August 26, 2026, though it adjusted its price target to $127.00 from a previous $135.00. Across 13 analyst opinions, the stock holds a consensus recommendation of strong buy, with a mean price target of $120.08.

Focus on Inflammatory Bowel Disease Treatments

Spyre Therapeutics focuses on developing next-generation biologics for inflammatory bowel disease, including ulcerative colitis and Crohn's disease. Its pipeline features several clinical-stage monoclonal antibodies, such as SPY001 and SPY002, which aim to offer improved efficacy and more convenient dosing than current therapies. The ongoing development of these therapeutic candidates makes the company a key player in the immunology space, which explains why prominent growth funds like Driehaus maintain large, active positions despite occasional profit-taking.

What's Ahead for SYRE

Market observers should watch how Spyre Therapeutics progresses with its pipeline candidates in the coming months. The next major milestone on the horizon is the upcoming earnings report on November 3, 2026. While the trimming of shares by Driehaus Capital Management is a backward-looking event from the May 15, 2026 filing period, it highlights how institutional managers balance their risk in speculative biotech holdings. These filings do not represent a recommendation to buy or sell the stock.