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.
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