NEW YORK, Jan 2, 2026, 14:37 ET — Regular session
- Spyre Therapeutics (NASDAQ: SYRE) fell about 7% to $30.48 in afternoon trade
- The drop outpaced a mild dip in biotech ETFs, underscoring small-cap biotech volatility
- Attention shifts to 2026 trial readouts and Spyre’s next quarterly update, projected for late February
Shares of Spyre Therapeutics, Inc. slid about 7% on Friday, falling to $30.48 in afternoon trading after touching a session low of $30.11. The stock opened at $32.76 and was last down $2.28 on the day.
The move left Spyre underperforming the broader biotech tape, with the SPDR S&P Biotech ETF down about 0.7% and the iShares Nasdaq Biotechnology ETF off about 0.2%. “Money managers are waiting to see … the vibe for the coming year,” said Thomas Martin, senior portfolio manager at Globalt, describing the first-session tone in U.S. markets. 1
That backdrop matters for early-stage drug developers, where valuations often hinge on future clinical data rather than current revenue. Fund-flow data heading into year-end showed investors pulling money from healthcare sector funds and trimming small-cap exposure, a setup that can amplify moves in smaller biotech names when the calendar flips.
Spyre is a clinical-stage biotechnology company developing longer-acting antibodies—engineered proteins designed to bind specific immune targets—for inflammatory bowel disease and other immune-mediated diseases. The company has previously said its pipeline includes investigational antibodies against TL1A, IL-23 and α4β7, targets that have drawn industry attention in gut and inflammatory disorders.
Investors are focused on the timing of Spyre’s Phase 2 program, a mid-stage clinical test aimed at showing whether a drug works in patients and what dose makes sense. Spyre has said it expects open-label monotherapy data in 2026 from its SKYLINE-UC ulcerative colitis trial—“open-label” meaning patients and doctors know what treatment is being given—alongside other proof-of-concept results in 2026 from its rheumatology-focused SKYWAY-RD study.
SKYLINE-UC is listed as a Phase 2 platform study, a design that can evaluate multiple treatments under a shared master protocol, according to the trial registry.
Competition in the same biological targets has been intense. Roche agreed in 2023 to acquire U.S. and Japan rights to Telavant’s TL1A-directed antibody, RVT-3101, signaling how big drugmakers value the mechanism in inflammatory bowel disease.
On the IL-23 side, AbbVie has pointed to the target’s growing role in ulcerative colitis treatment after the U.S. FDA approved its Skyrizi for adults with moderately to severely active ulcerative colitis in 2024.
Spyre’s slide on Friday also came with the stock trading below its recent peak, after a strong run into late 2025. Macrotrends data show a 52-week range of roughly $10.91 to $35.31, a reminder of how quickly sentiment can swing in the group.
With no new company announcement clearly tied to Friday’s move, traders were left parsing positioning and risk appetite rather than fresh fundamentals. For many biotech investors, the next catalyst is often the next timeline update—enrollment progress, data-readout windows, and cash-burn guidance.
On the calendar, Spyre has not confirmed its next earnings date, but market data on Business Insider lists Feb. 26, 2026 as the expected Q4 2025 earnings release. Investors typically use those updates to gauge cash runway and whether trial timelines are holding.
