BTIG Boosts Spyre Therapeutics Price Target to $112 After Positive Phase 2 Results
SYRE•BTIG raised Spyre Therapeutics’ price target to $112, implying a 34% upside based on the current stock price. Spyre’s experimental drug SPY002 met primary and secondary endpoints in a Phase 2 inflammatory bowel disease trial, delivering a 10.7-point score reduction, 33% remission rate and boosting market cap to $5.05 billion.
1. Analyst Raises Price Target
BTIG raised the price target to $112 from the prior level, implying a 34% gain over Spyre’s current $83.58 share price and highlighting increased confidence in its biopharma pipeline.
2. Phase 2 Trial Results
Spyre’s experimental drug SPY002 met both primary and secondary endpoints in a Phase 2 inflammatory bowel disease trial, delivering a 10.7-point reduction in disease score, achieving a 33% clinical remission rate and 42% endoscopic improvement, while maintaining a favorable safety profile.
3. Market Response
Following the announcements, Spyre’s shares rose 3.45% to a yearly high of $84.69, lifting its market capitalization to roughly $5.05 billion.
