As previously reported, BofA upgraded Kymera Therapeutics (KYMR) to Buy from Neutral with a price target of $51, up from $44, following the company’s report of Phase 1 healthy volunteer data for their STAT6 degrader, KT-621. The data exceeded the firm’s expectations and increases its confidence in KT-621’s potential to show clinical efficacy in multiple autoimmune indications, says the analyst, who is “encouraged” by the greater than 90% STAT6 degradation at all doses above 1.5mg and the favorable safety profile across a broad range of doses.
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