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WALTHAM, Mass. - Spyre Therapeutics, Inc. (NASDAQ:SYRE), a biotechnology company with a market capitalization of $1.15 billion, announced Monday it has commenced an underwritten public offering of its common stock and pre-funded warrants to purchase common stock. According to InvestingPro data, the company maintains a strong liquidity position, with cash reserves exceeding debt obligations.
The clinical-stage biotechnology company, which focuses on antibody engineering for inflammatory bowel disease treatments, will grant underwriters a 30-day option to purchase additional shares at the public offering price, less underwriting discount. The stock has shown strong momentum, gaining over 56% in the past six months, though analysts project continued losses for the current fiscal year.
Jefferies LLC, TD Securities (USA) LLC, Leerink Partners LLC and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers for the offering, with Wedbush Securities Inc. serving as lead manager.
The offering is subject to market conditions, with no assurance regarding completion timing, size, or terms. All shares and pre-funded warrants in the offering will be sold by Spyre.
A registration statement for these securities was filed with the Securities and Exchange Commission and became effective on March 7, 2025. The company noted that a preliminary prospectus supplement and accompanying prospectus will be filed with the SEC.
Spyre Therapeutics develops treatments for inflammatory bowel disease and other immune-mediated conditions through antibody engineering, dose optimization, and therapeutic combinations. The company’s pipeline includes extended half-life antibodies targeting α4β7, TL1A, and IL-23.
The announcement was made in a press release statement issued by the company.
In other recent news, Spyre Therapeutics has dosed the first patient in its Phase 2 SKYWAY basket trial, which evaluates SPY072 in conditions such as rheumatoid arthritis, psoriatic arthritis, and axial spondyloarthritis. This development is noteworthy as SPY072 is designed to target TL1A, a cytokine involved in T-cell-driven inflammation, with the potential for quarterly or twice-yearly subcutaneous maintenance dosing. Additionally, Deutsche Bank has initiated coverage on Spyre Therapeutics with a Buy rating and a price target of $43, emphasizing the company’s potential to lead in inflammatory bowel disease treatments. This comes as Spyre Therapeutics continues to gain attention for its extended half-life antibodies and fixed-dose combination therapies. Furthermore, Guggenheim has reiterated its Buy rating on Spyre, maintaining a $65 price target after meetings with the company’s leadership. The discussions highlighted that the SPY003 (IL-23 mAb) topline PK readout remains on schedule for the fourth quarter of 2025. These developments indicate significant interest and confidence in Spyre Therapeutics’ pipeline and strategic direction.
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