Mizuho analyst Joseph Catanzaro has maintained an Outperform rating on Spyre Therapeutics (NASDAQ: SYRE) and raised the price target to $120 from $84. The adjustment signals a stronger outlook for the company's stock performance.

The decision to increase the price target highlights the analyst's positive view on Spyre Therapeutics' future trajectory. The new target of $120 represents a significant increase from the previous estimate of $84.

The rating and price target update provides investors with a revised valuation benchmark for the biotechnology company. Spyre Therapeutics continues to be viewed favorably by Mizuho amid its operational developments.

Spyre Therapeutics, Inc. granted equity inducement awards to six non-executive employees, comprising 58,843 stock options and 2,134 restricted stock units (RSUs). The awards were approved by the independent Compensation Committee of the Board of Directors on July 1, 2026, and were material to each employee's acceptance of employment with the company. These grants were made under the Spyre Therapeutics, Inc. 2018 Equity Inducement Plan, as amended, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options were granted with a 10-year term and an exercise price of $88.89, which was the closing price per share of Spyre's common stock on Nasdaq on July 1, 2026. Vesting for the options will begin on the first anniversary of the employee’s start date, with one-fourth of the shares becoming exercisable at that time. Thereafter, one-forty-eighth of the shares will vest monthly, subject to continuous service with Spyre through the applicable vesting dates.

The RSUs will vest in quarterly installments, with one-fourth of the shares vesting on each anniversary of the next February 15, May 15, August 15, or November 15 occurring on or after the employee’s start date. This vesting schedule is also contingent upon the employee maintaining continuous service with Spyre through the applicable vesting dates. Both the stock options and RSUs are subject to the terms of the 2018 Plan.

Award Details

Spyre Therapeutics is a clinical-stage biotechnology company focused on developing next-generation therapies in immunology. The company's pipeline includes investigational extended half-life antibodies targeting α4β7, TL1A, and IL-23.