Kymera Therapeutics price target raised to $37 from $35 at B. Riley

B. Riley analyst Kalpit Patel raised the firm’s price target on Kymera Therapeutics to $37 from $35 and keeps a Neutral rating on the shares after the company announced data assessing KT-474 in patients with hidradenitis suppurativa and atopic dermatitis. The analyst believes the update eliminates "two critical overhangs" off KT-474’s drug development path and has likely "placed a barrier against any significant near-term downside." While safety and development risks are substantially reduced, the "modest" efficacy in the small sample of atopic dermatitis patients is likely to spark disagreement among investors, "which we think simultaneously limits near-term gain," Patel tells investors in a research note.