Analyst Julian Harrison of BTIG maintained a Buy rating on Spyre Therapeutics (SYRE – Research Report), retaining the price target of $70.00.
Julian Harrison’s rating is based on the promising developments in Spyre Therapeutics’ SPY003, an anti-IL-23 monoclonal antibody currently in Phase 1 trials. The preclinical data indicates that SPY003 has a significantly longer half-life compared to existing treatments, suggesting the potential for less frequent dosing schedules, such as every three to six months. This could greatly reduce the injection burden for patients while maintaining or even enhancing therapeutic efficacy.
Furthermore, the potential for SPY003 to be used in combination with other therapies, such as SPY001 and SPY002, adds to its attractiveness. These combinations have shown promising results in preclinical studies, particularly in reducing IL-17 production and improving body weight in models of inflammatory bowel disease (IBD). With the upcoming Phase 2 trials and the established efficacy of IL-23 as a target in IBD, SPY003 is positioned as a valuable component in future treatment regimens, supporting Harrison’s Buy rating.
According to TipRanks, Harrison is a 3-star analyst with an average return of 1.0% and a 37.25% success rate. Harrison covers the Healthcare sector, focusing on stocks such as VYNE Therapeutics, Nektar Therapeutics, and Spyre Therapeutics.
In another report released on March 17, Wolfe Research also initiated coverage with a Buy rating on the stock with a $27.00 price target.