Leerink Partners begins coverage on Spyre Therapeutics with 'outperform'

Spyre Therapeutics

08/04/2025 13:57

** Biotech firm Spyre Therapeutics' SYRE.O shares rise 3% to $12.76 premarket

** Brokerage Leerink Partners initiates coverage with "outperform" rating

** Sets PT at $45, representing more than triple upside to the stock's last close

     ** Leerink Partners view SYRE as one of "the most compelling prospective entrants in inflammatory bowel disease"

** SYRE said in January it will begin mid-stage study of monotherapies, SPY001 (α4β7), followed by SPY002 (TL1A), SPY003 (IL-23), to treat ulcerative colitis in mid-2025 and expects results in 2026

** Brokerage says "SYRE is well-capitalized to execute on its near-term plans, and the cadence of data catalysts out of the platform trial will pick up dramatically in 2026-2027"

** Company has cash, cash equivalents, and marketable securities balance of over $600 million as of December 31, 2024

** Ten of 11 brokerages rate the stock "buy" or higher, one "hold"; their median PT is $55.75, according to the data compiled by LSEG

** Stock has fallen 46.8% YTD

(Reporting by Siddhi Mahatole)

((siddhi.mahatole@thomsonreuters.com))