Biotech stock Kymera Therapeutics (NASDAQ:KYMR) landed some fresh love from analysts today and took advantage of that to ride an upward wave of investor sentiment. Kymera landed over 10.5% higher in Friday’s trading, and the fundamentals behind that wave definitely helped matters as well.
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Raymond James, via analyst Steven Seedhouse, noted that Kymera has some exciting projects in the pipeline. That was enough for Seedhouse to bump his rating on Kymera up from “market perform” to “outperform” with a $38 price target. Given that it closed at $29.01 per share, that’s a substantial premium.
So what’s in Kymera’s future? Seedhouse noted that June will feature the results of studies from two cancer-fighting candidates: KT-413 and KT-333. Specifically, those will be dose escalation tests. Given that the Phase 1 testing done earlier showed that there weren’t any “dose-limiting toxicities” to be mentioned, it’s a safe bet that dose escalation will come off similarly. There’s likely an outer limit somewhere, but it will likely take a couple escalations to find it. Moreover, there’s a Phase 1 trial planned for an MDM2 degrader known as KT-253 in the works, and Phase 2 studies on its KT-474 will start later this year.
That’s a lot going on, and with that in mind, it’s pretty clear why analysts are reacting the way they are. Four Buy ratings and two Hold ratings make Kymera Therapeutics stock a Moderate Buy according to analyst consensus. Furthermore, with an average price target of $52.33, KYMR stock offers a hefty 80.39% upside potential as well.
