Spyre Therapeutics initiated with an Outperform at Baird

Baird initiated coverage of Spyre Therapeutics with an Outperform rating and $50 price target. The firm believes Spyre’s pipeline of half-life extended antibodies “could disrupt” the inflammatory bowel disease, or IBD, market, with a potential best-in-class subcutaneous dosing interval. The firm, which expects initial Phase 1 data for its first co-lead drug SPY001 by year-end to support advancement into a platform Phase 2 study, sees “multi-billion-dollar potential for multiple assets in early development,” the analyst tells investors.