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Spyre Therapeutics (SYRE): Assessing Valuation After New Bullish Analyst Coverage and Pipeline Optimism

Simply Wall St · 2d ago

Spyre Therapeutics (SYRE) just caught Wall Street’s eye, with firms like Mizuho and Citi initiating upbeat coverage that centers on its antibody pipeline for autoimmune and inflammatory diseases and upcoming clinical milestones.

See our latest analysis for Spyre Therapeutics.

Those upbeat notes are landing after a powerful run, with a 30 day share price return of roughly 38 percent and a 90 day share price return of around 118 percent. Meanwhile, the three year total shareholder return above 270 percent suggests momentum is still building from a longer term perspective.

If this kind of biotech optimism has your attention, it could be a good moment to discover other healthcare stocks that are starting to gather similar interest.

With a share price that has already sprinted ahead of recent coverage but still sits well below bullish analyst targets, investors now face a key question: Is Spyre still an underappreciated growth story, or is the market already looking years ahead?

Price to Book of 8.7x: Is it justified?

At a last close of $33.40, Spyre trades on a rich valuation versus peers, with its price to book ratio signaling a premium market stance.

The price to book ratio compares the company’s market value to its net assets on the balance sheet, a common yardstick for pre revenue biotech where profits and sales are not yet meaningful. For Spyre, the 8.7x multiple suggests investors are paying substantially more than the accounting value of its assets, effectively placing a sizable bet on future clinical and commercial success that has yet to materialize in the financials.

That premium looks even starker when set against benchmarks, as Spyre’s 8.7x price to book sits notably above both its peer group average of 6x and the broader US biotechs industry average of 2.6x. This difference highlights how assertively the market is pricing its inflammatory bowel disease pipeline relative to more established or diversified rivals.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price to Book of 8.7x (OVERVALUED)

However, setbacks in Spyre’s IBD pipeline or dilutive capital raises to fund trials could quickly challenge the bullish long term growth narrative.

Find out about the key risks to this Spyre Therapeutics narrative.

Build Your Own Spyre Therapeutics Narrative

If you see the story differently or want to dig into the numbers yourself, you can build a personalized view in minutes: Do it your way.

A great starting point for your Spyre Therapeutics research is our analysis highlighting 5 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.