Leerink Partners begins coverage on Spyre Therapeutics with 'outperform'

Biotech firm Spyre Therapeutics' SYRE.O shares rise 3% to $12.76 premarket

Brokerage Leerink Partners initiates coverage with "outperform" rating

Sets PT at $45, representing more than triple upside to the stock's last close

Leerink Partners view SYRE as one of "the most compelling prospective entrants in inflammatory bowel disease"

SYRE said in January it will begin mid-stage study of monotherapies, SPY001 (α4β7), followed by SPY002 (TL1A), SPY003 (IL-23), to treat ulcerative colitis in mid-2025 and expects results in 2026

Brokerage says "SYRE is well-capitalized to execute on its near-term plans, and the cadence of data catalysts out of the platform trial will pick up dramatically in 2026-2027"

Company has cash, cash equivalents, and marketable securities balance of over $600 million as of December 31, 2024

Ten of 11 brokerages rate the stock "buy" or higher, one "hold"; their median PT is $55.75, according to the data compiled by LSEG

Stock has fallen 46.8% YTD