Spyre Therapeutics Inc. (NASDAQ:SYRE) stock plunged more than 12% on Wednesday as investors reacted to large insider stock sales.
The stock is up more than 160% year to date and over 450% over the past year.
Insider Sales Weigh on Sentiment
Fairmount Healthcare Fund II L.P., affiliated with company directors, sold 4,684,781 shares at $85.31 per share on Tuesday, according to an SEC filing. The transaction was valued at approximately $399.7 million.
In a separate transaction on Monday, director Michael Thomas Henderson sold 20,000 shares.
