Stifel reiterated its buy recommendation and price target of $123 for Spyre Therapeutics on Wednesday, citing progress in the company’s drug pipeline despite mixed clinical trial results.
The brokerage maintained its outlook after Spyre’s SPY072, a Tulisokibart-based treatment for rheumatoid arthritis, failed to meet internal efficacy thresholds in a Phase 2 sub-study. The trial showed statistical significance in some endpoints and doses but did not achieve a competitive effect size required for monotherapy development. Safety data remained within expected parameters.
Spyre’s stock, listed as SYRE on the NASDAQ, closed at $107.36 on Tuesday, near its 52-week high of $110.17. The company’s market capitalization stands at $9.47 billion, reflecting a 529% gain over the past 12 months. Stifel’s price target implies a potential upside of about 15% from current levels.
The rheumatoid arthritis sub-study was part of the broader SKYWAY Phase 2 trial, which also evaluated SPY002, a candidate for ulcerative colitis. SPY002 met its primary endpoint in the SKYLINE Phase 2 trial, demonstrating a statistically significant reduction in the Robarts histopathology index. The company plans to present additional Phase 2 data for combination therapy in ulcerative colitis next year.
Spyre is also advancing trials for axial spondyloarthritis and psoriatic arthritis, with proof-of-concept datasets expected in the fourth quarter of 2026. A study evaluating SPY001 in combination with IL-17A/F for hidradenitis suppurativa is slated for late 2027 or early 2028.
The company’s pipeline includes multiple candidates targeting inflammatory diseases, though recent insider activity has raised some concerns. Fairmount Healthcare Fund II L.P. liquidated its entire stake in Spyre, selling more than 4.6 million shares in a recent transaction.
Mizuho Securities also maintains a bullish stance, with a price target of $120, underscoring continued investor interest in Spyre’s development pipeline despite the mixed trial outcomes.
