Kymera Therapeutics downgraded at Wolfe ahead of ‘uneventful year’

As previously reported, Wolfe Research downgraded Kymera Therapeutics (KYMR) to Peer Perform from Outperform and removed the firm’s prior $92 price target With December follow-through having run its course, the firm believes the stock becomes “a poor investment in 2026” without catalysts and with strong valuation concern from buyside, the analyst tells investors. Kymera is “not a good M&A target” and the “degrader greater than inhibitor” thesis may not play out yet, adds the analyst, who views the stock as still a good investment for long-horizon investors.