BTIG initiated coverage of Spyre Therapeutics with a Buy rating and $32 price target. Spyre’s pipeline builds on the most successful approaches to treating inflammatory bowel disease, or IBD, to date and leverages the YTE half-life extension technology. The firm is developing therapies that “look well-positioned to emerge as best- in-class,” says the analyst, who adds that Spyre is “the only company we are aware of that has in-house anti-alpha4beta7, anti-TL1A, and anti-IL-23 targeted therapies.”
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