Morgan Stanley Maintains Hold Rating on Kymera Therapeutics (KYMR), Keeps PT

On June 2, analyst Vikram Purohit from Morgan Stanley maintained a Hold rating on Kymera Therapeutics, Inc. (NASDAQ:KYMR) with a price target of $49. The analyst revisited the stock before the company released data for its Phase 1 trials of KT-621, a once-a-day STAT6 degrader.

Purohit was cautious regarding the data release for the company’s KT-621, primarily concerned about the safety and tolerability of the drug. Secondly, the analyst was also cautious of management’s target of achieving over 90% degradation of STAT6 in the Phase 1 trial. Purohit highlighted that the target is crucial in determining the efficacy of drugs compared to existing treatments. Moreover, while the achievement of this target is desirable in both skin and blood, the priority is on the blood results. The Hold rating reflects analyst’s caution before the company released its results for the trial.

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

Kymera Therapeutics, Inc. (NASDAQ:KYMR) released data from the trial, surpassing all analyst cautions. KT-621 demonstrated robust efficacy and safety in healthy volunteers, with more than 90% mean STAT6 degradation in blood at doses above 1.5 mg and complete degradation in blood and skin at doses ≥50 mg. Moreover, the trial reported no serious adverse events, and the safety profile was indistinguishable from placebo, even at the highest dose.

Kymera Therapeutics, Inc. (NASDAQ:KYMR) is a clinical-stage biopharmaceutical company developing a new class of medicines called targeted protein degraders. It uses proprietary Pegasus platform to design small molecule drugs that harness the body’s natural protein degradation system to selectively eliminate disease-causing proteins.

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