Truist analyst Srikripa Devarakonda raised the firm’s price target on Kymera Therapeutics (KYMR) to $116 from $80 and keeps a Buy rating on the shares. The company reported “compelling” data that strengthens the firm’s conviction in broad potential for STAT6, the analyst tells investors in a research note. Truist adds that it is reiterating its conviction in KT-621 in atopic dermatitis, AD, and now see increased potential for the drug in both pruritic indications beyond AD as well as in respiratory indications beyond asthma. The drug’s strong safety profile with a convenient daily oral dosing adds to its “differentiated profile”, the firm noted.
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