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.

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