Leerink raised the firm’s price target on Spyre Therapeutics (SYRE) to $106 from $49 and keeps an Outperform rating on the shares. The firm notes the company hosted an investor call to discuss positive topline results from the SPY001 cohort of the Phase 2 SKYLINE trial in ulcerative colitis. Leerink continues to view these results as a best-case outcome for SPY001 – one which derisks both its potential as a monotherapy and backbone in future combination regimens. The target change reflects the firm’s increased conviction and higher probability of success for SPY001 opportunities in UC and Crohn’s disease.
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