Spyre Therapeutics (NASDAQ: SYRE) Presents IBD Data, Earns UBS Buy Rating

• Spyre Therapeutics (NASDAQ: SYRE) is developing long-acting antibody treatments for inflammatory bowel disease (IBD).

• The company presented clinical data for SPY001, SPY002 and SPY003 from its Phase 2 SKYLINE trial in ulcerative colitis, alongside new preclinical combination data.

• UBS initiated coverage with a Buy rating and a $120 price target, compared with a share price of $85.69 when the rating was published.

Spyre Therapeutics (NASDAQ: SYRE) develops experimental antibody treatments for IBD, which includes ulcerative colitis and Crohn's disease. Its Phase 2 SKYLINE trial is currently evaluating SPY001, SPY002 and SPY003—individually and in pairwise combinations—in patients with moderately to severely active ulcerative colitis.

At United European Gastroenterology Week 2026, Spyre presented clinical results for all three antibodies. The company said the results demonstrated early clinical proof of concept, while combination data from SKYLINE are expected in 2027.

Spyre also presented preclinical findings showing that antibody combinations improved efficacy in a mouse model of colitis. However, results from animal studies do not establish that the combinations will work in humans.

UBS initiated coverage of Spyre Therapeutics (NASDAQ: SYRE) with a Buy rating and a $120 price target. The firm highlighted Spyre's potential in combination therapies for IBD.

For the second quarter of 2026, Spyre reported $65.5 million in research and development expenses and $16.1 million in general and administrative expenses. A $40 million gain from the sale of a legacy research asset reduced reported total operating expenses to approximately $41.6 million. The company posted a quarterly net loss of $36.2 million.