In a report released on February 20, Julian Harrison from BTIG maintained a Buy rating on Spyre Therapeutics, with a price target of $70.00.
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Julian Harrison has given his Buy rating due to a combination of factors related to Spyre Therapeutics’ clinical momentum and financial position. He highlights that enrollment in the SKYLINE Phase 2 ulcerative colitis platform trial is running ahead of plan, with the first monotherapy proof-of-concept data for SPY001 due in 2Q26 and additional readouts for SPY002 and SPY003 expected later in 2026, followed by broader monotherapy and combination data in 2027, all supported by encouraging preclinical combination results.
He also points to the upcoming proof-of-concept data for SPY072 across multiple rheumatic indications in 4Q26 and subsequent maintenance data in 2027 as important value drivers. In addition, he views Johnson & Johnson’s renewed emphasis on combination antibody therapy in inflammatory bowel disease, and the potential Phase 3 advancement of the Tremfya + golimumab regimen following DUET trial results, as a favorable external validation of Spyre’s strategy, with the company’s sizable cash balance of roughly $756.5M providing sufficient funding to reach these catalysts, underpinning his positive valuation and Buy recommendation.
Julian Harrison’s rating is based on the accelerating clinical progress of Spyre’s SKYLINE ulcerative colitis program and the visibility of near- to medium-term data catalysts. He underscores that Part A of SKYLINE will generate open-label monotherapy data starting in 2Q26, while Part B will supply randomized, placebo-controlled results on both single agents and combinations by 2027, covering multiple efficacy endpoints that could substantiate the platform’s competitiveness in moderate to severe disease.
He further emphasizes the breadth of Spyre’s pipeline, including the Phase 2 basket trial of SPY072 in rheumatoid arthritis, psoriatic arthritis, and axial spondyloarthritis, which is expected to deliver proof-of-concept across all three in 4Q26 and maintenance data in 2027, thereby expanding the company’s addressable market. Harrison also views Johnson & Johnson’s public commitment to co-antibody approaches in refractory inflammatory bowel disease, along with anticipated DUET data and a potential Phase 3 decision for the Tremfya + golimumab combination, as an important external catalyst that could validate Spyre’s combination-focused strategy, while the company’s approximately $756.5M cash position provides ample runway to execute through these milestones and supports his net present value sum-of-the-parts valuation underpinning the Buy rating.
According to TipRanks, Harrison is a 5-star analyst with an average return of 32.5% and a 54.62% success rate. Harrison covers the Healthcare sector, focusing on stocks such as Theravance Biopharma, Apogee Therapeutics, and Nektar Therapeutics.
In another report released on February 20, Mizuho Securities also reiterated a Buy rating on the stock with a $53.00 price target.