Spyre Therapeutics (SYRE) Valuation Check After Recent Drop And Focus On 2026 Trial Readouts

Event driven move in Spyre Therapeutics

Spyre Therapeutics (SYRE) shares fell about 7% on 2 January 2026, as traders reacted to biotech sector volatility and refocused on the company’s key 2026 clinical readouts for SKYLINE-UC and SKYWAY-RD.

See our latest analysis for Spyre Therapeutics.

That 7% single day fall sits within a choppy but strong backdrop, with a 90 day share price return of 69.46% and a 1 year total shareholder return of 23.04%. This suggests momentum has cooled recently after a strong run.

If Spyre’s recent swings have your attention, it could be a good moment to scan other biotech and drug developers through healthcare stocks and see how they compare on risk and return potential.

With SYRE still well below analyst targets, a recent 7% single-day drop, and no current revenue, the key question is simple: is the risk already reflected in the price, or is the market quietly pricing in future growth?

Price to book of 7.8x: Is it justified?

Spyre Therapeutics trades on a P/B of 7.8x, which sits above peers and raises questions about what the share price is already baking in.

P/B compares the market value of the company to its net assets on the balance sheet, so it is often used for early stage or loss making biotechs where earnings based ratios are less useful.

In Spyre’s case, the statements show the shares are classed as expensive on this metric both versus a peer group average P/B of 6.7x and the wider US Biotechs industry at 2.7x. That is a clear premium, implying investors are paying more per dollar of book value than they are for many other biotech names.

Compared to the industry, the gap is even starker, with Spyre’s 7.8x P/B multiple almost three times the sector average of 2.7x. This signals that expectations embedded in the price are considerably higher than for the broader group.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price to book of 7.8x (OVERVALUED)

However, there are clear pressure points, including ongoing losses, with net income at $118.381 million, and the risk that key IBD programs fail to progress as hoped.

Find out about the key risks to this Spyre Therapeutics narrative.

Build Your Own Spyre Therapeutics Narrative

If this take does not fully line up with your view, or you would rather test the numbers yourself, you can build a custom story for Spyre in just a few minutes with Do it your way.

A great starting point for your Spyre Therapeutics research is our analysis highlighting 4 important warning signs that could impact your investment decision.

Looking for more investment ideas?

If you are weighing up a position in Spyre, do not stop here. The wider market is full of other ideas that could better match your goals.

• Chase early stage potential by scanning these 3557 penny stocks with strong financials for smaller companies that still meet basic financial quality checks.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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