Jefferies analyst Akash Tewari reiterated a Buy rating and a $129.00 price target on Spyre Therapeutics (NASDAQ: SYRE)

Tewari cited data to be presented at UEGW 2026, including a real-world study called COMBEII from Spain that examined 249 patients with inflammatory bowel disease treated with advanced combination therapies. The most common combinations in the study were upadacitinib plus ustekinumab at 15% and upadacitinib plus vedolizumab at 11%.

Spyre currently has three combination treatments in development, each expected to produce Phase 2 data in 2027: SPY130 (IL-23 and a4b7), SPY230 (IL-23 and TL1A), and SPY120 (a4b7 and TL1A).

The analyst wrote "we think this has +'ve read across to SYRE" and "SYRE remains one of our top picks in SMID biotech heading into 2027."

SYRE shares are trading up 4.36% today.