Spyre Therapeutics shares fall on $350 million stock offering

Spyre Therapeutics (SYRE.O) saw its shares dip 4.1% to $88.90 in pre-market trading on October 6, 2026, following the announcement of a $350 million stock offering. The biotech company plans to issue around 4.1 million shares at $85 each, an 8.3% discount from its last closing price. The proceeds will support its programs in gastroenterology, rheumatology, and dermatology, as well as advance SPY072 into later-stage development for treating hidradenitis suppurativa.

The offering is being managed jointly by Jefferies, TD Cowen, Leerink, and Stifel. Despite the recent decline, Spyre Therapeutics has seen significant growth, with its stock rising 183% year-to-date as of Monday’s close. The company had approximately 88.2 million shares outstanding before the offering.

Analysts have largely favored Spyre Therapeutics, with 16 out of 17 rating the stock as a “strong buy” or “buy,” and one rating it as “hold.” The median price target for the stock stands at $123. The company’s shares had previously climbed about 5% on September 30, following positive trial data from Merck’s (MRK.N) tulisokibart, which supports Spyre’s experimental candidate targeting the same signaling pathway.