Analyst Andrew Fein of H.C. Wainwright reiterated a Buy rating on Kymera Therapeutics, boosting the price target to $134.00.
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Andrew Fein’s rating is based on the promising results from Kymera Therapeutics’ KT-621 program, which has shown biologic-like efficacy in treating atopic dermatitis with an oral formulation. The Phase 1b results demonstrated a significant reduction in EASI scores and STAT6 degradation, indicating that KT-621 could match the effectiveness of injectable biologics like dupilumab while maintaining a favorable safety profile. This advancement addresses the ‘oral gap’ in atopic dermatitis treatment and enhances the probability of success for future trials.
Furthermore, the unexpected positive outcomes in asthma patients, such as the notable reduction in FeNO levels, suggest that KT-621 has the potential to expand into the asthma market. This development not only validates the drug’s mechanism of action but also supports the broader application of targeted protein degradation technology in treating complex immunological diseases. As a result, these factors contribute to an increased price target and a Buy rating for Kymera Therapeutics.
In another report released today, Truist Financial also maintained a Buy rating on the stock with a $116.00 price target.