Spyre Therapeutics price target raised to $85 from $47 at Jefferies

Jefferies raised the firm’s price target on Spyre Therapeutics (SYRE) to $85 from $47 and keeps a Buy rating on the shares. The firm said it got the first dataset from Spyre’s Phase 2 SKYLINE Part A open-label induction portion for SPY001 in ulcerative colitis, saying that overall, SPY001’s week 12 induction data was numerically better than vedolizumab’s at week 14 on primary and key efficacy endpoints. The firm added that it sees signs of quicker onset of effect with SPY001 versus vedo, noting that SPY001’s safety looks clean, which bodes well for Spyre’s combo strategy.