BTIG analyst Julian Harrison maintained a Buy rating on Spyre Therapeutics (SYRE – Research Report) yesterday and set a price target of $70.00.
Julian Harrison has given his Buy rating due to a combination of factors including the promising development trajectory of Spyre Therapeutics’ key drug candidates. The interim data expected from the Phase 1 trial of SPY002 in the second quarter of 2025 is anticipated to confirm its best-in-class half-life, building on positive results from earlier trials of SPY001. The advancement of these candidates into Phase 2 trials, particularly in the treatment of inflammatory bowel disease and rheumatoid arthritis, is seen as a significant milestone, with SPY002’s expansion into rheumatoid arthritis appearing relatively low-risk due to similarities with existing TNF inhibitors.
Another factor influencing the Buy rating is the potential of SPY002 to emerge as a leading TL1A monoclonal antibody, offering a potent anti-inflammatory effect with a lower injection burden. The drug’s ability to bind both monomeric and trimeric species of TL1A at high affinities suggests enhanced efficacy compared to competitors. Presentations at UEGW 2024 have reinforced the competitive positioning of SPY002, indicating that its optimized pharmacokinetics could achieve greater monotherapy efficacy. Additionally, Spyre Therapeutics’ strong financial position, with sufficient funds to support operations into the second half of 2028, further supports the positive outlook.
SYRE’s price has also changed moderately for the past six months – from $27.810 to $18.370, which is a -33.94% drop .