Leerink remains bullish on Spyre after SPY001 delivers ‘striking’ Phase 2 Data

Leerink notes Spyre Therapeutics (SYRE) announced positive topline results from the open-label SPY001 monotherapy cohort of the Phase 2 SKYLINE platform trial in ulcerative colitis. Overall, the firm believes these “striking initial SKYLINE results” represent best case data for SPY001, suggesting positively differentiated efficacy vs. Entyvio across a broad range of objective and symptomatic measures. The data should re-calibrate expectations for the alpha4beta7 class in IBD, and position SPY001 as a leading agent in this multi-billion-dollar class, argues Leerink. The data further de-risks Spyre’s ongoing efforts to develop combination therapies with SPY001, offering the potential for synergistic efficacy with other leading therapeutics classes. The firm has an Outperform rating on the stock, which is one of its Top Picks for 2026.