Wells Fargo analyst Yanan Zhu upgraded Spyre Therapeutics to Overweight from Equal Weight with a price target of $35, up from $12. The analyst cites the updated half-life comparison for SPY001 versus vedolizumab in non-human primates, suggesting an over three-times differential, and also proximity to clinical trial initiation and human data for the upgrade. The firm thinks Spyre’s approach of leveraging half-life extension to develop less frequently dosed treatments for the large market of inflammatory bowel disease is promising.
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