Guggenheim starts Spyre Therapeutics with a Buy on ‘best-in-class’ IBD potential

As previously reported, Guggenheim initiated coverage of Spyre Therapeutics with a Buy rating and $44 price target, citing a “positive view” of the company’s “potentially best-in-class IBD mAb portfolio.” SPY001 and SPY002 are scheduled to enter the clinic in 2024 and the firm’s review of Spyre’s current approach suggests that “clever mAb engineering” could help ‘001 and ‘002 build on well-validated biology, supporting best-in-class profiles with lower dosing frequency, the analyst tells investors. Spyre is developing rational combo therapies that “could help break through the efficacy ceiling in IBD” and leveraging a precision medicine approach could help from a payor access perspective in a crowded market, the analyst added.