Evercore ISI Starts Spyre (SYRE) at Outperform

Evercore ISI analyst Umer Raffat initiates coverage on Spyre (NASDAQ: SYRE) with a Outperform rating.

The analyst comments "The past few weeks and months have been a particularly active time in IBD space … from TL1A Ph 2 datasets to meaningful amount of M&A and beyond. In that backdrop, Spyre has received Street interest as a TL1A play with possible differentiation on dosing profile. While much of the Street focus over last few months has been on MRK-Prometheus, Roche-Roivant, Sanofi-Teva, Abbvie TL1A and orals, there was an extremely important development in IBD space which has not received enough attention: JNJ’s VEGA trial in UC of IL-23+TNF showed significant synergy with the combo in a randomized setting. With this background in mind, Spyre story is perhaps not simply a “TL1A play with a YTE” … there’s true scope for combination potential with its wholly owned programs spanning α4β7, TL1A, IL-23 and more."

For an analyst ratings summary and ratings history on Spyre click here. For more ratings news on Spyre click here.

Shares of Spyre closed at $28.80 yesterday.

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