Derek Archila, an analyst from Wells Fargo, maintained the Hold rating on Kymera Therapeutics (KYMR – Research Report). The associated price target is $26.00.
Geoff Meacham has given his Hold rating due to a combination of factors pertaining to Kymera Therapeutics’ current position and future prospects. Meacham acknowledges the potential of Kymera’s strategic pivot towards immunology and inflammation (I&I) programs, along with promising preclinical data for new therapies such as KT-621 and KT-294. However, these programs are still in their early stages, with pivotal data not expected until 2025, implying that significant stock movement may not occur until these milestones are closer.
Furthermore, while the recent capital raise following the R&D update is seen as a positive step, providing Kymera with a solid cash reserve to advance its early-stage I&I programs, the company’s near-term prospects hinge on updates to its oncology program expected in mid-2024, which Meacham is less optimistic about. The analyst sees 2024 as a year focused on execution, suggesting that the stock might remain within its current trading range until more substantial catalysts emerge in the following year.
In another report released on January 4, Bank of America Securities also maintained a Hold rating on the stock with a $30.00 price target.
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Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of KYMR in relation to earlier this year.
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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 2.25M share Spot Secondary priced at $25.25
- Kymera Therapeutics Announces Pricing of $275 Million Public Offering
- Kymera Therapeutics $250M Spot Secondary; re-offered at $25.25
- Kymera Therapeutics announces $250M common stock offering
- Kymera Therapeutics Announces Proposed Public Offering
