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Spyre's IBD Pipeline Remains Key Driver, Wedbush Says

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Spyre Therapeutics' (SYRE) pipeline for inflammatory bowel disease remains key value driver after "disappointing" results in rheumatoid arthritis drug trial, Wedbush said in a Tuesday note.

"While we view the RA result as disappointing, we see limited impact to our core IBD-driven thesis," the report said.

The note said valuation of the stock remains driven by SPY001/002/003 in IBD. Even excluding all non-ulcerative colitis indications, the stock's price target would remain at about $115, well above current trading levels, it added.

"We continue to view September SPY003 SKYLINE Part A UC data and SKYLINEUC Part B data in 2027 as the substantially more important catalysts for shares," the report said.

Wedbush cut its price target to $123 from $130 while keeping its outperform rating.

Price: $93.99, Change: $-13.37, Percent Change: -12.45%

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