Kymera Therapeutics price target raised to $64 from $57 at JPMorgan

JPMorgan analyst Eric Joseph raised the firm’s price target on Kymera Therapeutics (KYMR) to $64 from $57 and keeps an Overweight rating on the shares. The firm says the K-621 Phase 1 data were in-line with its expectations supporting a Dupixent-like profile in an oral, daily form. The analyst views the healthy volunteer signal as “derisking” for KT-621 and the STAT6 space in general, and now looks forward to the Phase 1b BroADen data in atopic dermatitis patients Q4, which the firm believes will provide more stable data to benchmark. JPMorgan raised its probability of sucess for the KT-621 programs in both atopic dermatitis and asthma from to 20% from 15%.