H.C. Wainwright initiated coverage of Gyre Therapeutics 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.
