5 Stocks With Eye-Popping Gains

3. Spyre Therapeutics Inc. (NASDAQ:SYRE)

Spyre Therapeutics soared to a new four-year high on Monday, as investors took heart from the best-in-class potential of its treatment for ulcerative colitis (UC) and the stock’s 40-percent price target upgrade from an investment firm.

In intra-day trading, the stock climbed by as much as 46 percent to a high of $75, before trimming gains to finish the session just up by 23.36 percent at $63.27 apiece.

In an updated report, 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.

The drug also demonstrated an improvement of 51 percent in endoscopic versus its competitor’s 41 percent at six weeks.

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

BTIG 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.