Spyre Therapeutics weakness after Teva data a buying opportunity, says BTIG

BTIG analyst Julian Harrison notes that Teva‘s (TEVA) enterprise value has increased by more than $4B today after Phase 2b UC/CD data of a TL1A asset that “they only own 50% rights to” plus $1B in development and launch milestones. The firm’s “main takeaways” for Spyre Therapeutics (SYRE) from today’s update from Teva are that strong market demand for anti-TL1A assets has “not faded at all” and the upside potential for SPY002 “looks even further reinforced,” as BTIG expects the TL1A constructs that Spyre is developing to “likely leapfrog the broader class both on efficacy and dosing.” The firm, which keeps a Buy rating and $70 price target on Spyre shares, views the relative weakness following the duvakitug data as a buying opportunity, the analyst tells investors.