Dec. 17 at 9:15 PM
Mizuho🏁
$SYRE Outperform/
$53
$JNJ $ABBV
Mizuho said: We are initiating coverage of Spyre Therapeutics with an Outperform rating and
$53 PT, as we see SYRE's HLE mAb pipeline (SPY001, SPY002 and SPY003) as positioned to play a significant role in inflammatory bowel disease. While we believe that each has opportunity to establish best-in-class monotherapy profiles in 2026, in our view the most compelling opportunity lies in SYRE's ability to evaluate novel combinations. Here, we believe combination data in 2027 could position SYRE with best-in-class/first-in-class dual pathway strategies, an approach validated by preclinical data, translational data, early clinical data, as well as competitive Pharma development.
Altogether, we project
$1.7B in risk-adjusted 2035 WW sales, and expect positive Phase II monotherapy data in 2026, followed by combination data in 2027 to drive outperformance.
