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Investing.com - BofA Securities raised its price target on Kymera Therapeutics (NASDAQ:KYMR) to $54.00 from $51.00 on Thursday, while maintaining a Buy rating on the stock following several pipeline developments. The stock, currently trading at $45.06, has shown impressive momentum with a 51% return over the past year. According to InvestingPro analysis, the company appears fairly valued at current levels.
Kymera announced that its partner Sanofi (NASDAQ:SNY) has decided to advance KT-485, an oral IRAK4 degrader, into clinical trials while discontinuing development of KT-474. The KT-485 program is expected to enter the clinic in 2026, though the change will delay the IRAK4 program by several years. InvestingPro data shows the company maintains a strong financial position with more cash than debt and a healthy current ratio of 8.49x.
The biotechnology company also disclosed a new license agreement with Gilead Sciences (NASDAQ:GILD) to develop a novel CDK2 degrader with potential applications in breast cancer and other solid tumors, demonstrating Kymera’s business development capabilities.
BofA Securities noted that despite the setback with KT-474, the update reinforces both Kymera and Sanofi’s commitment to developing the optimal IRAK4 degrader candidate, and expressed continued confidence in Kymera’s ability to establish collaborations with large pharmaceutical companies.
The firm highlighted upcoming initial Phase 1b data for KT-621, a STAT6 degrader being studied in atopic dermatitis patients, expected in the fourth quarter as a key near-term catalyst to validate earlier positive results in healthy volunteers. With earnings expected in about 35 days, investors can access comprehensive analysis and 8 additional key insights through InvestingPro’s detailed research report.
In other recent news, Kymera Therapeutics has announced a $250 million public stock offering, with an option for underwriters to purchase an additional $37.5 million in shares. The company plans to use the proceeds to advance its degrader programs and for general corporate purposes. This offering is a significant capital raise for Kymera as it continues to develop its oral small molecule degrader medicines. Meanwhile, H.C. Wainwright has raised its price target for Kymera to $60, emphasizing the potential of the company’s STAT6 program as a key value driver. The firm noted that Sanofi’s decision to discontinue the development of KT-474 and focus on KT-485 could impact the timelines in certain markets. Brookline Capital Markets, on the other hand, lowered its price target for Kymera to $70, citing changes in the timing of collaboration revenue from Sanofi. Despite the reduction, Brookline maintained a Buy rating, highlighting anticipated product launches in the coming years. Additionally, Kymera has announced a collaboration with Gilead Sciences for novel CDK2 degraders in oncology, although financial details were not disclosed.
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