BofA raised the firm’s price target on Kymera Therapeutics (KYMR) to $54 from $51 and keeps a Buy rating on the shares. The company announced that its partner Sanofi (SNY) decided to advance KT-485, an oral IRAK4 degrader, into the clinic and discontinue development of KT-474, the analyst tells investors in a research note. The firm says that while the KT-474 update will set back the program by several years, the update reinforces Kymera and Sanofi’s commitment to developing the best possible IRAK4 degrader. It remains “encouraged” by Kymera’s “strong” business development capabilities to establish collaborations with large pharma for several assets in its pipeline.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on KYMR:
- Kymera Therapeutics Announces Public Offering to Raise Funds
- Kymera Therapeutics Holds Annual Shareholder Meeting
- Kymera Therapeutics price target lowered to $53 from $56 at Oppenheimer
- Kymera Therapeutics 5.043M share Spot Secondary priced at $44.00
- Kymera Therapeutics price target raised to $60 from $54 at H.C. Wainwright