Spyre Therapeutics Shares Drop 13.7% after $399.7M Insider Sale
SYRE•Spyre Therapeutics shares fell 13.7% premarket after Fairmount Healthcare Fund II L.P. sold 4.68 million common shares for $399.7 million following conversion of 16,667 Series B Preferred shares. Separately, director Michael Henderson sold 20,000 shares under a Rule 10b5-1 plan, retaining 68,606 shares.
1. Fairmount Fund Executes Large Common Stock Sale
Regulatory filings show Fairmount Healthcare Fund II L.P. sold 4,684,781 shares of Spyre common stock after converting 16,667 Series B Preferred shares into 666,680 common shares. The sale generated $399.7 million in proceeds and reduced the fund’s common position to zero, drawing investor scrutiny due to its board affiliation.
2. Board Director Sells 20,000 Shares Under Rule 10b5-1 Plan
Spyre director Michael Thomas Henderson sold 20,000 shares under a Rule 10b5-1 trading plan on June 22, netting approximately $2 million. He continues to hold 68,606 common shares following the transaction.
3. Fund Retains Significant Preferred Exposure
Despite exiting its common equity position, Fairmount Healthcare Fund II L.P. retains 346,045 Series A Preferred shares, maintaining a substantial stake in Spyre’s capital structure.
