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On Tuesday, Kymera Therapeutics stock was upgraded by B. Riley analysts from Neutral to Buy. The analysts also raised the price target to $60 from $38, contributing to an overall bullish analyst consensus. According to InvestingPro data, analyst targets now range from $38 to $97, with 8 analysts recently revising their earnings expectations upward. The upgrade follows the release of the first-in-human data for KT-621, Kymera’s oral STAT6 degrader, which met key benchmarks for target engagement and safety.
Kymera Therapeutics, listed on NASDAQ under the ticker KYMR, saw its shares rise approximately 45% on the day, pushing its market capitalization to $2.8 billion. This increase in share price was attributed to a combination of short covering and fundamental investor interest. The trading volume for Kymera shares reached its second-highest level on record, with InvestingPro data showing average daily volume of 0.8 million shares over the past three months. With a beta of 2.07, the stock has historically shown higher volatility than the broader market.
B. Riley analysts highlighted that the safety data was a critical factor in their decision to upgrade the stock rating. The update is seen as reducing the risk associated with the STAT6 program, which had previously been overshadowed by concerns related to historical development issues.
The analysts expressed optimism about the future of KT-621, suggesting that if the upcoming Phase Ib data supports the safety and pharmacokinetic/pharmacodynamic profile observed, the drug could emerge as a leading oral alternative to existing injectable treatments like dupilumab.
Kymera’s recent performance and the positive reception of the data have positioned the company favorably in the biopharmaceutical sector, with potential implications for patient access to innovative treatments.
In other recent news, Kymera Therapeutics has garnered attention following several positive developments. The company reported promising results from a Phase 1 study of KT-621, a STAT6 degrader, which demonstrated significant target engagement and a strong safety profile in healthy volunteers. Citi analysts responded by raising their price target for Kymera to $60, maintaining a Buy rating due to the drug’s potential and the company’s robust platform. Similarly, BofA Securities upgraded Kymera to a Buy, citing the trial data’s impressive STAT6 degradation results. Truist Securities also maintained a Buy rating with a $53 price target, highlighting the drug’s potential as an oral alternative to Dupixent.
Morgan Stanley (NYSE:MS) upgraded Kymera’s stock from Equalweight to Overweight, raising the price target to $79, reflecting optimism about the company’s prospects and the development of KT-621. Stifel analysts reiterated their Buy rating and a $55 price target, noting the drug’s promising clinical outcomes and potential in the inflammation and immunology space. These developments suggest a growing confidence among analysts in Kymera’s pipeline and future potential, with multiple firms expressing optimism about upcoming trials and data releases.
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