In a report released today, Derek Archila from Wells Fargo downgraded Kymera Therapeutics (KYMR – Research Report) to a Hold, with a price target of $26.00.
Derek Archila has given his Hold rating due to a combination of factors concerning Kymera Therapeutics. His assessment reflects a cautious outlook on the company’s oncology (onco) programs, which have not shown encouraging data, particularly concerning the KT-333 and KT-253 updates from clinical trials. Furthermore, the reorientation of the company’s pipeline toward immunology and inflammation (I&I) does not provide immediate upside potential, as meaningful data from these programs are not expected until after 2024.
Additionally, while Kymera Therapeutics’ collaboration with Sanofi on KT-474 is a key value driver for the company, there will be no significant catalysts from this program until the first half of 2025 when the phase 2 trial data becomes available. Archila believes that any new indications pursued with KT-474 in 2024 would be positive, yet likely not impactful enough to move the stock. He anticipates Kymera’s shares to be range-bound throughout 2024 as it will be a year focused on execution for the company’s early-stage pipeline.
Archila covers the Healthcare sector, focusing on stocks such as Apellis Pharmaceuticals, Celldex, and Argenx Se. According to TipRanks, Archila has an average return of 8.6% and a 45.74% success rate on recommended stocks.
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Kymera Therapeutics (KYMR) Company Description:
Kymera Therapeutics Inc is a biotechnology company pioneering a transformative new approach to treating previously untreatable diseases. The company is advancing the field of targeted protein degradation, accessing the body’s innate protein recycling machinery to degrade dysregulated, disease-causing proteins. Kymera’s Pegasus targeted protein degradation platform harnesses the body’s natural protein recycling machinery to degrade disease-causing proteins, with a focus on un-drugged nodes in validated pathways currently inaccessible with conventional therapeutics. It is accelerating drug discovery with an unmatched ability to target and degrade the intractable of proteins, and advance new treatment options for patients.
Read More on KYMR:
- Kymera Therapeutics to Host Virtual Immunology R&D Day on January 4
- Kymera Therapeutics Presents Interim Results from STAT3 Degrader Phase 1 Clinical Trial at American Society of Hematology Annual Meeting
- Kymera Therapeutics Announces First Patient Dosed in Phase 2 Atopic Dermatitis Clinical Trial of KT-474 (SAR444656), a First-in-Class, Investigational IRAK4 Degrader, Generating a $15 Million Payment from Sanofi
- Kymera Therapeutics announces first patient dosed in Phase 2 trial of KT-474
- Kymera Therapeutics Announces Publication of Phase 1 Trial Results for KT-474 (SAR444656), a First-in-Class IRAK4 Degrader, in Nature Medicine
