Kymera Therapeutics price target lowered to $53 from $56 at Oppenheimer

Oppenheimer analyst Jeff Jones lowered the firm’s price target on Kymera Therapeutics (KYMR) to $53 from $56 and keeps an Outperform rating on the shares. Kymera announced a “speed bump” in its Sanofi (SNY) partnership on IRAK4, with Sanofi abandoning clinical-stage KT-474 in favor of an earlier stage candidate KT-485, the analyst tells investors in a research note. While this is a delay to what an important asset, it has a limited impact to the firm’s model, with its focus remaining on STAT6 targeting KT-621, Oppenheimer says.