Spyre Therapeutics shares declined 11.7% in pre-market trading on Wednesday after the company reported topline data from a rheumatoid arthritis sub-study of its Phase 2 SKYWAY basket trial for SPY072, an anti-TL1A antibody candidate.
The selloff extended a decline that began in after-hours trading on Tuesday. Wedbush maintained its price target of $130 and an Outperform rating, citing the company's broader pipeline and upcoming catalysts.
In the RA sub-study, the high dose of SPY072 achieved a 63% ACR20 response rate compared with 43% for placebo, while the low dose reached 57% versus 43% for placebo. Although both doses demonstrated statistically significant improvements over placebo on at least one efficacy endpoint, the overall effect size fell short of Spyre's internal threshold for advancing the drug as a standalone rheumatoid arthritis therapy. As a result, the company announced it would not pursue SPY072 as a monotherapy for RA.
The RA program was one of six near-term catalysts highlighted in Spyre's "6 in '26" readout slate. Additional Phase 2 SKYWAY readouts for SPY072 in psoriatic arthritis and axial spondyloarthritis are expected in the fourth quarter of 2026, while data from the SKYLINE ulcerative colitis program is due in September.
Broader market indices showed mixed performance, with the S&P 500 nearly flat, the Nasdaq down 0.2%, and the Dow marginally positive. Spyre's decline contrasts with historical AI-picked gains cited by Wedbush, including Siemens Energy at +231.5% and Sandisk at +189%.
