Spyre Therapeutics rises after $275 mln equity raise

Spyre Therapeutics

14/10/2025 14:12

** Shares of Spyre Therapeutics SYRE.O up 1.5% premarket to $19.20 after $275 mln overnight follow-on priced

** Waltham, Massachusetts-based biotech late Mon sold ~14.9 mln shares at $18.50, a 2.2% discount to last sale

** It intends to use net proceeds to advance programs in inflammatory bowel disease (IBD) and rheumatic diseases, including to fund preclinical and clinical trials, among other purposes, according to the prospectus

** Jefferies, TD Secs, Leerink and Stifel are joint bookrunners

** Co early Tues said in a filing it expects having approx $486.2 mln of cash and equivalents as of Sept 30

** With ~60.4 mln shares outstanding, co has about $1.1 bln market cap

** Through Mon, SYRE shares had risen about 13% over the past week, leaving them down ~19% YTD

** 12 of 13 analysts rate SYRE "strong buy" or "buy", 1 rates "hold"; median PT of $56 is roughly triple stock's last close, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))