BofA update shows where active managers are putting money
Investing.com - Kymera Therapeutics (NASDAQ:KYMR) stock fell Wednesday after Jefferies lowered its price target to $64.00 from $66.00 while maintaining a Buy rating on the shares. The development involves pharmaceutical giant Sanofi (NASDAQ:SNY), which according to InvestingPro data, maintains a robust market capitalization of $116.62 billion and a healthy gross profit margin of 71%.
The price target adjustment follows Kymera’s announcement that its partner Sanofi will not advance the Phase 2 IRAK4 degrader KT-474 in atopic dermatitis and hidradenitis suppurativa. Instead, Sanofi will prioritize the next-generation degrader KT-485, with Phase 1 trials expected to begin in 2026. InvestingPro analysis shows Sanofi maintains a GOOD financial health score, suggesting strong capability to support its R&D pipeline.
Kymera also revealed a new collaboration with Gilead Sciences (NASDAQ:GILD) to develop CDK2 molecular glues, which Jefferies notes has potential to unlock more than $5 billion in opportunity in breast and ovarian cancers.
Jefferies highlighted that following positive first-in-human data, Kymera’s lead program STAT6 degrader KT-621 will have Phase 1b atopic dermatitis data expected in the fourth quarter of 2025.
The research firm indicated this upcoming data could further demonstrate KT-621’s potential as an "oral Dupixent," referring to the blockbuster injectable medication currently used to treat atopic dermatitis and other inflammatory conditions.
In other recent news, Sanofi’s financial outlook remains a focal point for investors, with TD Cowen maintaining a Hold rating and a $67.00 price target for the company’s shares. Sanofi has expressed confidence in its guidance for Dupixent and anticipates significant growth for its RSV monoclonal antibody, Beyfortus, projecting peak sales between €2 billion and just under €3 billion. In addition, Sanofi’s COVID/Flu combination vaccine is viewed as a valuable asset following a positive approval surprise for its COVID vaccine Biologics License Application. Meanwhile, BofA Securities has adjusted its price target for Sanofi to EUR8.40, following mixed results from Phase III trials of itepekimab in chronic obstructive pulmonary disease. The firm emphasizes the importance of upcoming amlitelimab Phase III results in atopic dermatitis, forecasting potential peak sales of EUR4 billion, risk-adjusted to EUR2.4 billion. In related developments, Nurix Therapeutics has received a $15 million fee from Sanofi for licensing its STAT6 program, including the development candidate NX-3911. Leerink Partners continues to rate Nurix’s stock as Market Perform, with a $16.00 price target, highlighting the significance of the STAT6 program within Nurix’s portfolio.
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