Kymera Therapeutics, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Clara Dong from Jefferies maintained a Buy rating on the stock and has a $73.00 price target.
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Clara Dong’s rating is based on several promising developments in Kymera Therapeutics’ pipeline, particularly the advancement of their STAT6 degrader, KT-621, for atopic dermatitis. The upcoming data release in December is anticipated to demonstrate KT-621’s potential as an oral alternative to Dupixent in the substantial TH2 inflammatory disease market, valued over $30 billion. The successful completion of the Phase 1b study, which showed promising results in healthy volunteers, supports this outlook.
Additionally, the initiation of a Phase 2b study for atopic dermatitis, with a clear dose-response expectation, further strengthens the company’s position. The management’s focus on achieving significant STAT6 degradation and robust biomarker reductions in patients aligns with the efficacy benchmarks set by Dupixent. These strategic developments, along with the planned studies for other conditions like asthma, contribute to the positive outlook and the Buy rating for Kymera Therapeutics.
In another report released yesterday, Guggenheim also initiated coverage with a Buy rating on the stock with a $90.00 price target.