TD Cowen starts ‘only pure-play TL1A company’ Spyre Therapeutics at Outperform

As previously reported, TD Cowen initiated coverage of Spyre Therapeutics (SYRE) with an Outperform rating and no price target. Spyre is “now the only pure-play TL1A company” and with nearly $20B in M&A dollars spent on TL1A in 2023 the firm expects significant value creation as Spyre’s programs progress, the analyst tells investors. SPY001 is “a superior Entyvio for UC” and key opinion leader doctors “are excited by its profile,” according to the analyst, who thinks positive Phase I data “could result in an IMVT-like move or a valuation approaching ~$3B like MORF experienced after initial clinical data.”