Spyre Therapeutics initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Spyre Therapeutics with an Outperform rating. During “a particularly active time in IBD space,” Spyre has received Street interest as a TL1A play with possible differentiation on dosing profile, the analyst tells investors. However, the Spyre story is perhaps not simply a “TL1A play with a YTE” as there is “true scope for combination potential with its wholly owned programs spanning alpha4beta7, TL1A, IL-23 and more,” the analyst added.