Spyre (SYRE) Climbs 42% as Treatment Candidate Poses ‘Best-in-Class’ Potential

Spyre Therapeutics Inc. (NASDAQ:SYRE) is one of the 10 Stocks With Monster Returns.

Spyre Therapeutics grew its share prices by 42.3 percent week-on-week, as investors took heart from the “best-in-class” potential of its therapy candidate for ulcerative colitis (UC).

In an updated report earlier in the week, Spyre Therapeutics Inc. (NASDAQ:SYRE) said that its treatment candidate, SPY001, saw a clinical remission rate of 40 percent at 12 weeks versus Entyvio’s 27 percent at 14 weeks.ImmunityBio (IBRX) Climbs 7.3% as Firm Nears Development of 'World Bank of NK Cells'

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The drug also achieved a 51 percent improvement in endoscopic versus its competitor’s 41 percent at six weeks.

Following the news, investment firm BTIG upgraded its price target for Spyre Therapeutics Inc. (NASDAQ:SYRE) to $98 from $70 previously, while maintaining a “buy” recommendation.

BTIG also raised to 80 percent its expectations for SPY001 combinations to succeed, as well as penetration rates for UC and Crohn’s disease to 30 and 20 percent, respectively.

In other news, Spyre Therapeutics Inc. (NASDAQ:SYRE) kicked off a $300 million share sale in line with plans to raise funds to support its pipeline programs.

It also granted its underwriters a $45 million overallotment option at the same price for 30 days from the public offering date.

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