Gyre Therapeutics initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Gyre Therapeutics (GYRE) with a Buy rating and $18 price target The company’s lead asset hydronidone is a structural analog of the anti-fibrotic drug pirfenidone and a “potent inhibitor” of fibrosis, the analyst tells investors in a research note. The firm believes Gyre is “still flying under the radar with investors” despite a “compelling” portfolio of established therapeutics.