Mizuho analyst Joseph Catanzaro reiterated an Outperform rating and $53.00 price target on Spyre (NASDAQ: SYRE).

The analyst comments "SYRE reported top line results from SPY001's (anti-α4β7 mAb) Part A induction in ulcerative colitis as part of the SKYLINE study. Overall, all week 12 efficacy measures (primary endpoint of change in RHI, but also clinical remission and endoscopic improvement rates) support the notion that the SPY001's improved overall exposure (~2X that of vedolizumab) is translating to improved efficacy. SPY001's week 12 clinical remission of 40%, comfortably exceeds the ~20-25% range we had speculated would be viewed as class-aligned (see our preview for efficacy benchmarks). While open-label, the centrally-read endoscopic improvement rate of 51% seems to align very well with the historical relationship we believe exists with clinical remission. We see these results as an extremely favorable outcome, particularly for the potential efficacy that could be driven by SPY001-based combination regimens in SKYLINE Part B. Reiterate Outperform."

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Shares of Spyre closed at $51.29 yesterday.