- JPMorgan has initiated the coverage of Kymera Therapeutics Inc (NASDAQ:KYMR) with a Neutral rating and a $44 price target.
- Analyst Eric Joseph says that the Company is "relatively insulated from downside pressure versus the benchmark from a healthy balance sheet."
- At the end of 2021, Kymera held approximately $567.6 million in cash, cash equivalents, and investments.
- Joseph also adds that Kymera has limited upside potential from anticipated biomarker updates from KT-474 and the earlier stage pipeline over the mid-term.
- Kymera Therapeutics completed dose escalation in the KT-474 single-ascending dose and multiple-ascending dose portions of the Phase 1 trial.
- In December, the disclosed additional KT-474 data, with near-complete IRAK4 degradation in peripheral blood mononuclear cells (PBMC) and skin, and favorable safety profile.
- Hidradenitis suppurativa and atopic dermatitis patient cohort data expected in 2H22.
- Related: Kymera Discloses New Development Cancer Program.
- Kymera is collaborating with Sanofi SA (NASDAQ:SNY) to develop degrader candidates targeting IRAK4, including KT-474, outside of the oncology and immune-oncology fields.
- Price Action: KYMR shares are down 3.21% at $38.84 during the market session on the last check Thursday.
