Spyre Therapeutics price target raised to $80 from $65 at Wedbush

Wedbush analyst David Nierengarten raised the firm’s price target on Spyre Therapeutics (SYRE) to $80 from $65 and keeps an Outperform rating on the shares. Spyre’s SPY001 monotherapy surpassed historical benchmarks for Takeda’s (TAK) Entyvio with 40% clinical remission and 51% endoscopic improvement, yielding an anticipated upside scenario, the analyst tells investors in a research note. The firm added that it expects rapid enrollment across cohorts given the low ratio of placebo to active treatment arms, and sees the SKYWAY-RD basket trial as an underappreciated catalyst for shares.