Oppenheimer initiated coverage of Kymera Therapeutics with an Outperform rating and $53 price target. The firm says Kymera has the potential to deliver first, and best-in-indication, therapies in inflammation and immunology indications through the pursuit of validated targets and pathways utilizing its PROTAC degrader platform. Targets include IRAK4, STAT6, and TYK2 which are validated in multiple indications, with each target representing a multi-billion-dollar opportunity if successful. Further, Oppenheimer notes that Kymera has a robust balance sheet, reporting $750M in cash and equivalents in January, which it believes will take it into 2027.
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