Wedbush bullish on Spyre Therapeutics, initiates with an Outperform

As previously reported, Wedbush initiated coverage of Spyre Therapeutics (SYRE) with an Outperform rating and $45 price target. The firm notes the company is focused on developing antibodies with improved pharmaceutical characteristics against the three leading targets in inflammatory bowel disease: integrin alpha4beta7, TL1A, and IL-23. Lead candidate SPY001 inhibits integrin alpha4beta7 and could improve on market leader Entyvio not only for dosing frequency, but potentially for efficacy and speed of response as well, Wedbush says. The firm holds a long-term favorable view of Spyre given its low-risk approach combining validated targets and antibody engineering techniques, with precedents set by Apogee (APGE) and followed by Oruka (ORKA).