Citi maintains buy rating on Kymera stock after positive trial results

On Monday, Citi analysts reaffirmed their Buy rating on Kymera Therapeutics stock (NASDAQ: KYMR) with a price target of $52.00, aligning with the broader analyst consensus that remains strongly bullish. According to InvestingPro data, eight analysts have recently revised their earnings estimates upward, with price targets ranging from $38 to $97. The stock currently appears undervalued based on InvestingPro’s Fair Value analysis. This decision follows Kymera’s presentation of promising phase 1 trial results for its STAT-6 degrader, KT-621.

The trial results showed that KT-621 achieved over 90% mean degradation of STAT6 in blood at doses above 1.5 mg, and complete degradation in both blood and skin at 50 mg or higher maximum allowable dose (MAD) levels. These results were notable for surpassing published data on dupilumab, indicating potential for superior efficacy.

The safety profile of KT-621 was reported to be excellent, showing no serious adverse events even at a 200 mg MAD dose, which is 16 times higher than the effective dose. This safety performance was comparable to a placebo, further supporting the drug’s potential.

Kymera has commenced a phase 1b trial, named BroADen, targeting moderate-to-severe atopic dermatitis patients. The company anticipates releasing data from this trial in the fourth quarter of 2025.

Citi analysts believe these findings considerably reduce the risks associated with the program and bolster KT-621’s potential as an oral therapy with a profile similar to biologics.

In other recent news, Kymera Therapeutics has reported positive results from its Phase 1 study of KT-621, an oral STAT6 degrader. The trial demonstrated over 90% mean STAT6 degradation in blood at doses above 1.5 mg and complete degradation at higher doses, with no serious adverse events reported. Stifel analysts have reinstated coverage on Kymera with a Buy rating and a $55 price target, highlighting KT-621’s potential to match the efficacy of Dupixent in treating atopic dermatitis. Truist Securities also maintains a Buy rating with a $35 target, expressing optimism about Kymera’s strategic focus on the STAT6 program and the development of IRF5-targeting therapies. Kymera is preparing to release full Phase 1 data in June 2025, with additional trials in atopic dermatitis and asthma set to begin later in the year. Preclinical data presented at a recent conference showed KT-621’s potential effectiveness in asthma, comparable to existing biologics. The company is also advancing its broader degrader pipeline, including the IRAK4 program in partnership with Sanofi (NASDAQ:SNY). Kymera’s strategic decisions are expected to extend its financial runway into 2028, positioning the company for further advancements in the treatment of inflammatory and autoimmune diseases.

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