Kymera Therapeutics price target raised to $60 from $54 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein raised the firm’s price target on Kymera Therapeutics (KYMR) to $60 from $54 and keeps a Buy rating on the shares. The company announced that Sanofi (SNY) had decided to discontinue further development of KT-474, instead choosing to pursue KT-485, Kymera’s next generation oral IRAK4 degrade, the analyst tells investors in a research note. The firm says this pushes back the timeline in the competitive atopic dermatitis and hidradenitis suppurativa markets. H.C. Wainwright finds it strategically wise to focus on a next-generation IRAK4 degrader with superior efficacy and safety. For Kymera, the STAT6 program might be most significant as a near-term key value driver, with the Phase 1b data expected in Q4, adds the firm.