Piper Sandler analyst Edward Tenthoff raised the firm’s price target on Kymera Therapeutics (KYMR) to $56 from $39 and keeps an Overweight rating on the shares. The firm notes Sanofi (SNY) is conducting the Phase II ZEN study in HS and ADVANTA study in atopic dermatitis with SAR444656, both with top-line data in the first half of 2025. Kymera will update Phase I data on KT-333 and KT-253 this year. Kymera expects to begin Phase I studies of KT-621 for the treatment of Type 2 inflammation in allergic diseases including AD, asthma, and others in the second half of 2024, and KT-294 for autoimmune and inflammatory diseases such as IBD, psoriasis, psoriatic arthritis and lupus in the first half of 2025, both with data in 2025. Kymera holds pro forma cash of $745 million to fund operation into 2027, Piper adds.
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