Shares of clinical-stage biopharmaceutical company Kymera Therapeutics (NASDAQ:KYMR) are soaring higher today on positive results in the patient cohort portion of its Phase 1 trial of KT-474 as well as updates of its oncology programs.
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KT-474 displayed positive results in hidradenitis suppurativa (HS) and atopic dermatitis (AD). The baseline IRAK4 level in skin lesions of patients of both diseases was as much as two times higher versus healthy volunteers and the dug was observed to be well tolerated and generally safe.
Further, Sanofi (NASDAQ:SNY), its partner on KT-474, is now planning a phase 2 trial of the drug with Kymera, and the first trial is anticipated to begin in 2023.
The Street currently has a Moderate Buy consensus rating on the stock alongside an average price target of $51.20. Kymera shares have already gained 82% over the past six months.
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