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Investing.com - Kymera Therapeutics (NASDAQ:KYMR) shares declined Wednesday after the company announced that partner Sanofi (NASDAQ:SNY) will not advance their Phase 2-stage IRAK4 degrader KT-474, opting instead to develop a next-generation candidate KT-485 with an improved pre-clinical profile. The company, which holds more cash than debt and maintains a healthy current ratio of 8.49x, saw its stock trading near $45.32.
The decision follows confirmation of transient QTc prolongation for KT-474 in Phase 2 studies, an issue previously identified in Phase 1b trials. KT-474 had been undergoing two Phase 2b trials for atopic dermatitis and hidradenitis suppurativa with data previously expected in 2026.
In a separate announcement, Kymera revealed a new collaboration with Gilead Sciences (NASDAQ:GILD) for novel CDK2 degraders in oncology, though financial details of the partnership were not disclosed.
Leerink Partners maintained an Outperform rating and $60.00 price target on Kymera stock, noting that investor expectations for the IRAK4 program were already low due to historical challenges with IRAK4 inhibitors and uncompelling Phase 1b data.
The firm identified Kymera’s wholly-owned STAT6 degrader KT-621 as the primary focus of its investment thesis, with Phase 1b atopic dermatitis data for the compound expected in the fourth quarter of 2025 representing the next major catalyst for the stock.
In other recent news, Kymera Therapeutics has announced significant developments concerning its collaboration with Sanofi. Sanofi has chosen to advance Kymera’s oral IRAK4 degrader, KT-485, into clinical studies for immuno-inflammatory diseases, while deciding not to proceed with KT-474. This decision follows promising preclinical results for KT-485, which demonstrated increased selectivity and potency. Kymera received a $20 million milestone payment related to these preclinical activities and could earn up to $975 million in further milestones. Additionally, UBS, Stifel, H.C. Wainwright, and Wells Fargo (NYSE:WFC) have all maintained positive ratings on Kymera Therapeutics stock following trial results for another candidate, KT-621. UBS reiterated a Buy rating with a $70 price target, while Stifel raised its target to $68, citing strong trial results. H.C. Wainwright also maintained a Buy rating with a $54 target, emphasizing the reduced risk for future trials. Wells Fargo reaffirmed its Overweight rating, maintaining a $57 target, and highlighted strategic interest in the STAT6 target following a recent deal involving Sanofi.
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