** 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
(Reporting by Siddhi Mahatole)
((siddhi.mahatole@thomsonreuters.com))
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