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Aeglea (AGLE) Soars 329% on Acquiring Spyre Therapeutics

Aeglea BioTherapeutics AGLE completed its acquisition of Spyre Therapeutics, Inc., a privately held company focused on developing antibody therapeutics for inflammatory bowel disease (IBD). Shares of Aeglea soared 329% on Jun 22, following the news.

Spyre’s lead programs include SPY001 and SPY002. While SPY001 targets a4b7, SPY002 targets TL1A. Clinical studies for Spyre's lead programs are set to begin in 2024. Management expects initial clinical results for SPY001 by 2024.

IBD is a chronic condition characterized by inflammation of the digestive tract. With approximately 1.7 million IBD patients in the United States alone, the global market for the same is expected to exceed $29 billion by 2028.

The aforementioned acquisition has enabled Aeglea to advance the treatment for IBD and capitalize on the growing market opportunity.

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Shares of AGLE have risen 1.3% year to date against the industry’s 7.7% decline.

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

The company also entered into a definitive agreement (with existing and new investors) for the sale of $210-million Series A non-voting convertible preferred stock through a private placement. These funds will be utilized to advance Spyre's portfolio of potential best-in-class IBD products through various data milestones.

Furthermore, the capital raised is expected to support Aeglea's operations until 2026. It will provide the company with financial stability as it continues to pursue its research and development efforts.

AGLE’s clinical pipeline includes pegzilarginase in a PEACE phase III study to treat patients with arginase 1 deficiency. In August 2022, the European Medicines Agency (EMA) accepted to review the marketing authorization application for pegzilarginase to treat arginase 1 deficiency.

The regulatory body is currently evaluating the application and a decision regarding the same is expected in late 2023.

The candidate received an Orphan Drug designation from the FDA and the EMA. It was also awarded the Fast Track and Breakthrough Therapy designations by the FDA for pegzilarginase to treat patients with arginase 1 deficiency.

Aeglea BioTherapeutics, Inc. Price and Consensus

Aeglea BioTherapeutics, Inc. Price and Consensus
Aeglea BioTherapeutics, Inc. Price and Consensus

Aeglea BioTherapeutics, Inc. price-consensus-chart | Aeglea BioTherapeutics, Inc. Quote

Zacks Rank and Other Stocks to Consider

Aeglea currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the biotech sector are Akero Therapeutics AKRO, ADMA Biologics, Inc. ADMA and Omega Therapeutics OMGA, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Akero Therapeutics has narrowed from a loss of $2.96 per share to a loss of $2.80 for 2023 in the past 90 days. Shares of Akero Therapeutics have nosedived 5.1% year to date.

AKRO’s earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 7.96%.

The consensus estimate for ADMA Biologics has narrowed from a loss of 19 cents per share to 9 cents for 2023 in the past 90 days. Shares of ADMA Biologics have risen 1.8% year to date.

ADMA’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 19.13%.

The consensus mark for Omega Therapeutics has narrowed from a loss of $2.51 per share to $2.05 for 2023 in the past 90 days. Shares of the company have rallied 26.1% year to date.

OMGA’s earnings beat estimates in two of the trailing four quarters, met the mark in one and missed in another, delivering an average surprise of 8.24%.

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ADMA Biologics Inc (ADMA) : Free Stock Analysis Report

Aeglea BioTherapeutics, Inc. (AGLE) : Free Stock Analysis Report

Akero Therapeutics, Inc. (AKRO) : Free Stock Analysis Report

Omega Therapeutics, Inc. (OMGA) : Free Stock Analysis Report

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