BofA Upgrades Kymera Therapeutics (KYMR) to Buy, Lifts PT to $51

On June 2, Kymera Therapeutics Inc. (NASDAQ:KYMR) received an upgrade from BofA analyst Tazeen Ahmad, who raised the stock’s rating from Neutral to Buy and increased the price target to $51 from $44.

BofA Upgrades Kymera Therapeutics to Buy Rating, Lifts PT to $51

A biopharmaceutical laboratory with scientists in lab coats working on medicines.

Earlier during the company’s May 9 earnings call, Kymera indicated a strong financial position with $775 million in cash, which would extend the company’s operational runway into H1 2028. The company has a proven track record, having brought 5 new molecules into the clinic since 2020, with plans to deliver 10 by 2026. Kymera is recognized as a leader in targeted protein degradation, which is a novel modality that offers the potential for oral drugs with biologics-like efficacy.

The company has several clinical data readouts coming up, such as the STAT6 program, which is anticipated to transform treatment paradigms for TH2 allergic diseases. Kymera also achieved a $20 million milestone payment from Sanofi for its KT-474 program. However, the company decided not to advance its T2 degrader KT-295 into clinical development due to resource allocation priorities and the competitive landscape in the T2 space.

Kymera Therapeutics Inc. (NASDAQ:KYMR) is a clinical-stage biopharmaceutical company. It discovers and develops small molecule therapeutics, which selectively degrade disease-causing proteins by harnessing the body’s own natural protein degradation system.

While we acknowledge the potential of KYMR to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than KYMR and that has 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.