Spyre Therapeutics: TL1A Blockade Opportunity in Rheumatology Underpins Buy Rating and $64 Target

In a report released yesterday, Debanjana Chatterjee from JonesTrading maintained a Buy rating on Spyre Therapeutics, with a price target of $64.00.

Debanjana Chatterjee has given his Buy rating due to a combination of factors related to Spyre Therapeutics’ lead asset and market opportunity. He views SPY072, the company’s extended‑duration anti‑TL1A antibody, as a differentiated approach in rheumatic diseases such as rheumatoid arthritis, psoriatic arthritis, and axial spondyloarthritis, where meaningful unmet needs persist despite existing therapies. The TL1A pathway is seen as a scientifically compelling and mechanistically validated target, with particularly strong rationale in rheumatoid arthritis, which supports the belief that Spyre’s program could deliver clinically significant outcomes. In addition, positive proof‑of‑concept data from the SKYWAY Phase 2 trial expected in 2026 could establish a new treatment class in inflammatory arthritis and materially expand the company’s addressable market.

Debanjana Chatterjee’s rating is based on the view that, if the efficacy benchmarks in SKYWAY are met, SPY072 could be competitively positioned within treatment algorithms for RA, PsA, and axSpA. A successful readout would help the drug navigate key hurdles around real‑world differentiation, adoption, and reimbursement, positioning TL1A blockade as a meaningful addition to current standards of care. The company’s substantial cash balance also provides the financial flexibility to advance clinical development through pivotal value‑inflection milestones. Taken together, the strength of the biological rationale, the breadth of the rheumatology opportunity, and the upcoming catalysts underpin his Buy rating and $64 price target on SYRE.