Key Takeaways
- SYRE plummeted 14% in after-hours sessions Tuesday following the company’s decision to discontinue SPY072 as a standalone rheumatoid arthritis therapy
- While SPY072 demonstrated superiority over placebo across both dosing levels in the SKYWAY Phase 2 study, results fell short of Spyre’s predetermined internal efficacy benchmarks
- 143 patients participated in the study; safety profile remained favorable with adverse events at or below placebo rates
- Phase 2 results for SPY072 in additional indications including psoriatic arthritis and axial spondyloarthritis are anticipated in the fourth quarter of 2026
- Analyst consensus remains firmly in Strong Buy territory with a collective price target averaging $124.73
Shares of Spyre Therapeutics (SYRE) plunged by as much as 14% during after-hours trading Tuesday following the company’s announcement that it would discontinue development of SPY072 as a monotherapy option for rheumatoid arthritis patients. Prior to the announcement, shares were changing hands near $107.36.
Spyre Therapeutics, Inc., SYRE
The strategic pivot came after reviewing topline findings from the rheumatoid arthritis component of the company’s SKYWAY Phase 2 clinical trial. Although both dosing regimens of SPY072 demonstrated statistical superiority versus placebo across primary endpoints, the magnitude of improvement failed to meet the company’s predetermined internal efficacy criteria for advancing monotherapy development in this indication.
Examining the specific data points, the SPY072 Low Dose cohort achieved a -1.9 change from baseline in DAS28-CRP compared to -1.3 in the placebo group at the 12-week mark. Meanwhile, the High Dose arm demonstrated a 63% ACR20 response rate against 43% for placebo. The Low Dose group achieved 38% on the ACR50 measure compared to 19% for patients receiving placebo.
The study design incorporated three distinct treatment arms encompassing 143 total participants. The High Dose cohort included 48 subjects, 48 were assigned to Low Dose, and 47 received placebo.
From a tolerability perspective, the drug demonstrated a favorable profile. Treatment-emergent adverse events occurred in 27% of SPY072-treated participants compared to 36% in the placebo group, with the majority of events classified as mild to moderate in severity.
Future Direction for SPY072 Development
Spyre has not completely abandoned the SPY072 program. The biotechnology firm intends to continue investigating the compound in combination therapy strategies, including partnering it with an IL-17A/F inhibitor as part of its SPY772 development program targeting hidradenitis suppurativa. Results from that combination investigation are projected to arrive in late 2027 or the first quarter of 2028.
Several important pipeline milestones remain on the horizon. Phase 2 efficacy and safety data for SPY072 in both psoriatic arthritis and axial spondyloarthritis are slated for release during Q4 2026. These data releases will face heightened scrutiny following Tuesday’s setback in the rheumatoid arthritis indication.
According to company statements, the findings continue to validate the therapeutic promise of its TL1A antibody platform in autoimmune conditions, especially when deployed as part of combination regimens rather than as single-agent therapies.
Analyst Community Maintains Bullish Stance
Notwithstanding the extended-hours selloff, Wall Street’s assessment remains unchanged. SYRE holds a Strong Buy consensus rating from the analyst community, supported by 13 Buy recommendations and a single Hold rating.
The mean 12-month price objective stands at $124.73, implying approximately 16% appreciation potential from pre-announcement price levels.
From a technical analysis perspective, SYRE was positioned above both its 20-day exponential moving average of $103.75 and its 50-day EMA of $96.37 entering the announcement. The Williams %R indicator was also flashing a Buy signal, indicating the shares had not entered overbought territory.
The critical inflection point for SYRE investors will arrive with the Q4 2026 data releases in psoriatic arthritis and axial spondyloarthritis indications.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
