In a report released today, Tazeen Ahmad from Bank of America Securities reiterated a Hold rating on Kymera Therapeutics (KYMR – Research Report), with a price target of $44.00.
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Tazeen Ahmad has given his Hold rating due to a combination of factors influencing Kymera Therapeutics’ current position. The company has made progress with its KT-621 program, aiming for a dupilumab-like effect, but the clinical viability of this degradation-based approach remains uncertain until more data is available. The upcoming data from the phase 1 healthy volunteer study and the phase 1b trial in atopic dermatitis patients will be crucial in determining the potential success of KT-621.
Additionally, Kymera has shifted its strategic focus by deprioritizing its TYK2 degrader program to accelerate KT-621’s development, which suggests a concentrated effort on this promising candidate. The unveiling of KT-579, targeting autoimmune diseases, expands their portfolio but requires further validation. These developments, while promising, warrant a cautious approach, justifying the Hold rating until more definitive results are obtained.
Ahmad covers the Healthcare sector, focusing on stocks such as Alnylam Pharma, Sarepta Therapeutics, and PTC Therapeutics. According to TipRanks, Ahmad has an average return of -5.9% and a 42.59% success rate on recommended stocks.