Spyre Therapeutics prices public offering at $18.50 per share

WALTHAM, Mass. - Spyre Therapeutics, Inc. (NASDAQ:SYRE), a biotechnology company with a market capitalization of $1.15 billion, has priced its previously announced underwritten public offering of 14,864,865 shares of common stock at $18.50 per share, according to a company press release. The stock has shown strong momentum with an 18% gain over the past week.

The clinical-stage biotechnology company, which focuses on antibody engineering for inflammatory bowel disease treatments, expects to raise approximately $275 million in gross proceeds before deducting underwriting discounts and other offering expenses. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 6.49, indicating robust short-term financial health. Analysts have set price targets ranging from $21 to $71 per share, suggesting potential upside opportunities.

Spyre has also granted the underwriters a 30-day option to purchase up to an additional 2,229,729 shares at the public offering price, less the underwriting discount. The offering is expected to close on or about October 15, subject to customary closing conditions.

Jefferies LLC, TD Securities (USA) LLC, Leerink Partners LLC, and Stifel, Nicolaus & Company, Incorporated are serving as joint book-running managers for the offering, with Wedbush Securities Inc. acting as lead manager.

The offering is being made through a prospectus supplement and accompanying prospectus related to a registration statement on Form S-3 that became effective on March 7, 2025.

Spyre Therapeutics is developing antibody treatments targeting α4β7, TL1A, and IL-23 for inflammatory bowel disease and other immune-mediated conditions. The company’s pipeline includes investigational extended half-life antibodies.

The announcement comes as the company advances its clinical trials, including the SKYWAY-RD Phase 2 clinical trial and the ongoing SKYLINE-UC Phase 2 platform trial. InvestingPro subscribers can access 12 additional investment tips and comprehensive financial metrics to better evaluate Spyre’s growth potential in the biotechnology sector.

In other recent news, Spyre Therapeutics announced the commencement of an underwritten public offering of its common stock and pre-funded warrants. The company has provided underwriters with a 30-day option to purchase additional shares at the public offering price, less underwriting discount. In parallel, Spyre has also dosed the first patient in its Phase 2 SKYWAY basket trial, which is evaluating the drug SPY072 for various rheumatic diseases. This drug is designed as an extended half-life antibody targeting a specific cytokine involved in inflammation.

On the analyst front, Guggenheim reiterated its Buy rating on Spyre stock, maintaining a price target of $65. Deutsche Bank also initiated coverage with a Buy rating and set a price target of $43, citing Spyre’s potential leadership in the inflammatory bowel disease treatment space. Both firms highlighted the company’s innovative therapies and potential market impact. These developments reflect ongoing interest and optimism in Spyre’s clinical and market prospects.

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