Spyre Therapeutics (SYRE) Stock Drops 14% After Phase 2 RA Trial Disappoints

TLDR

• SYRE dropped 14% in after-hours trading Tuesday after scrapping SPY072 as a standalone RA treatment
• Both doses of SPY072 beat placebo in the SKYWAY Phase 2 trial but failed to meet Spyre’s own internal performance threshold
• The trial enrolled 143 participants; adverse events were comparable to or lower than placebo
• Spyre expects Phase 2 data for SPY072 in psoriatic arthritis and axial spondyloarthritis in Q4 2026
• Wall Street keeps a Strong Buy consensus on SYRE with an average price target of $124.73

Spyre Therapeutics (SYRE) fell as much as 14% in after-hours trading on Tuesday after the company said it will not move SPY072 forward as a solo treatment for rheumatoid arthritis. The stock was trading around $107.36 before the news broke.

Spyre Therapeutics, Inc., SYRE

The decision followed topline results from the RA sub-study of its SKYWAY Phase 2 trial. Both doses of SPY072 beat placebo on key endpoints, but the effect was not large enough to clear Spyre’s own internal bar for monotherapy development in RA.

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