Key insights
- Deutsche Bank raised its price target for Spyre Therapeutics (SYRE) to $115, citing a competitor's setback. Abivax (ABVX) shares fell over 30% after reporting malignancy cases in its ulcerative colitis trial. This development creates an opportunity for Spyre, which is developing competing treatments. Spyre's stock has shown strong momentum, gaining 345% over the past year, and recently completed a significant stock offering. The news suggests a potential positive read-through for Spyre and its competitive positioning in the
Investing.com - Deutsche Bank raised its price target on Spyre Therapeutics Inc. (NASDAQ:SYRE) to $115 from $102 while maintaining a Buy rating on the stock. Shares currently trade at $73.52, reflecting remarkable momentum with a 345% gain over the past year and trading near its 52-week high of $78.80.
The price target increase follows a safety signal reported by competitor Abivax, which has seen its shares fall more than 30% since Monday. The decline came after Abivax reported malignancy cases in its Phase 3 ABTECT maintenance trial of obefazimod for ulcerative colitis treatment.
Abivax’s 44-week maintenance data showed 8 cases of malignancy in obefazimod-treated patients compared to 1 case in the placebo arm. The cases included 1 prostate, 1 breast, 1 colon dysplasia, 2 basal cell carcinoma, and 3 squamous cell carcinoma.
Seven of the eight cancer cases appeared at the higher 50mg dose among 195 patients, while one case occurred at the lower 25mg dose among 193 patients. Deutsche Bank noted an ongoing investor debate on whether obefazimod caused these cancer cases.Investors should note that InvestingPro data shows Spyre’s stock movements are quite volatile, with a beta of 3.13. The platform offers 13 additional ProTips for SYRE subscribers.
The firm expects the development to create an opportunity for Spyre, which is developing combination injectable biologics for ulcerative colitis. Obefazimod had been expected to compete with such treatments being developed by Spyre, Johnson & Johnson, AbbVie, and Takeda.
In other recent news, Spyre Therapeutics Inc. completed a significant public stock offering, raising approximately $463.5 million through the sale of 7,475,000 shares at $62.00 per share. This includes the full exercise of the underwriters’ option to purchase additional shares. In another development, Spyre announced the completion of enrollment for its SKYWAY basket trial, which is evaluating SPY072 in various rheumatic diseases. The company anticipates releasing topline data for rheumatoid arthritis in the third quarter of 2026, with results for psoriatic arthritis and axial spondyloarthritis expected in the fourth quarter of 2026. Additionally, Stifel has raised its price target for Spyre Therapeutics to $107, maintaining a Buy rating. This adjustment is attributed to promising proof-of-concept data for SPY001 in ulcerative colitis, with further data for SPY002 and SPY003 expected by mid to late 2026. Meanwhile, Spyre also announced a $300 million public stock offering, providing underwriters a 30-day option to purchase an additional $45 million in shares.
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