Faisal Khurshid, an analyst from Leerink Partners, reiterated the Buy rating on Spyre Therapeutics (SYRE – Research Report). The associated price target remains the same with $45.00.
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Faisal Khurshid has given his Buy rating due to a combination of factors, primarily focusing on the promising potential of Spyre Therapeutics’ TL1A program, SPY002. The imminent Phase 1 data for this program is a crucial milestone that could validate a significant aspect of the company’s strategy in treating inflammatory bowel disease (IBD). The TL1A program is not only seen as a potential best-in-class monotherapy but also as a pivotal component of the company’s broader combination therapy approach.
Khursid believes that Spyre Therapeutics is undervalued, especially considering the substantial opportunity in IBD, the transformative potential of their combination therapies, and the relatively low competition in the IBD combination space. The upcoming SPY002 data could enhance market recognition of these factors. Additionally, the TL1A program’s role as a cornerstone for pairing with other programs, such as SPY001 in ulcerative colitis and SPY003 in Crohn’s disease, underscores its importance. The successful Phase 1 readout for SPY002, despite being a preliminary study, is expected to be a significant step in advancing Spyre’s combination therapy thesis.
In another report released on May 26, Stifel Nicolaus also maintained a Buy rating on the stock with a $71.00 price target.