Spyre Therapeutics Inc. (NASDAQ:SYRE) is one of the Ten stocks with monstrous returns.
Spyre Therapeutics surged its stock price 42.3 percent week over week as investors took heart from the “best-in-class” potential of its ulcerative colitis (UC) therapy candidate.
In a report updated earlier in the week, Spyre Therapeutics Inc. (NASDAQ:SYRE) said its treatment candidate, SPY001, recorded a clinical remission rate of 40 percent at 12 weeks, versus 27 percent for Entyvio at 14 weeks.
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The drug also achieved a 51 percent improvement in endoscopy versus 41 percent for its competitor at six weeks.
Following the news, investment firm BTIG upgraded its price target for Spyre Therapeutics Inc. (NASDAQ:SYRE) to $98 from $70 previously, although it maintained a “buy” rating.
BTIG also raised its expectations for SPY001 combinations to be successful to 80 percent, as well as the penetration rates for UC and Crohn’s disease to 30 and 20 percent, respectively.
In other news, Spyre Therapeutics Inc. (NASDAQ:SYRE) initiated a $300 million stock sale in line with its plans to raise funds to support its developing programs.
It also granted its underwriters an over-allotment option of $45 million at the same price for 30 days from the public offering date.
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