NEW YORK, January 3, 2026, 20:15 ET — Market closed
Spyre Therapeutics, Inc. shares fell 6.6% on Friday to $30.58, finishing the first U.S. trading day of 2026 near the lower end of the session’s $30.11-$33.31 range. The stock remains below its 52-week high of $34.49 after trading about 889,000 shares, while biotech benchmarks were little changed.
The slide stands out because small-cap biotech names can swing sharply when investors reset positioning at the start of the year, especially after thin holiday liquidity. With little fresh company news since the last quarterly update, traders are leaning more heavily on macro signals and the industry tape.
That macro backdrop shifted again on Saturday after Philadelphia Federal Reserve President Anna Paulson said further rate cuts “could take a while” as policymakers assess economic trends. Rate expectations matter for pre-revenue biotech companies because more of their valuation depends on future results, not near-term cash flow.
Spyre is a clinical-stage biotech developing long-acting antibody therapies for inflammatory bowel disease (IBD) — a chronic condition that causes inflammation in the digestive tract — and for rheumatic diseases, the company says.
In a Nov. 4 filing, Spyre said it was on track for six Phase 2 proof-of-concept readouts in 2026 across its SKYLINE and SKYWAY studies, and reported $783 million of pro forma cash, cash equivalents and marketable securities as of Sept. 30, 2025, with expected runway into the second half of 2028.
“We anticipate 2026 will be a transformational year for the company,” Chief Executive Cameron Turtle said in that update.
Phase 2 trials are mid-stage studies that test whether a drug shows signs of working in patients. “Proof-of-concept” readouts are early looks at that efficacy signal and can reset expectations for a pipeline.
Spyre said its SKYLINE platform trial in ulcerative colitis includes open-label induction data expected in 2026, while the SKYWAY basket trial in rheumatoid arthritis, psoriatic arthritis and axial spondyloarthritis is expected to deliver proof-of-concept data in 2026.
For Monday’s open, traders are watching whether shares hold the $30 area after Friday’s drop, with resistance near $33 and then the 52-week high around $34.49. A decisive break below Friday’s $30.11 low would be an early test of whether risk appetite is fading for higher-beta biotech names.
Before the next session, markets will take cues from Monday’s ISM manufacturing PMI at 10:00 a.m. ET — a closely watched survey of factory activity — and Friday’s U.S. employment report for December, both key inputs for rate-cut expectations.
The Federal Reserve’s next policy meeting is scheduled for Jan. 27-28, according to the central bank’s calendar.
Spyre has not announced when it will report next, but earnings calendars such as MarketBeat list Feb. 26 as an estimate based on past reporting patterns. Investors will be watching for any update on enrollment progress and timing for the 2026 data readouts the company outlined in November. 1
