Kymera Therapeutics upgraded to Buy from Neutral at B. Riley

B. Riley upgraded Kymera Therapeutics (KYMR) to Buy from Neutral with a price target of $60, up from $38. The company released the first-in-human data for KT-621, its oral STAT6 degrader, and it is “fair to say the program passed a key test,” not just in terms of target engagement, but, importantly, safety, the analyst tells investors in a research note. The firm says this was the main overhang for the stock heading into the update. The update “meaningfully de-risks” Kymera’s STAT6 program, and there are “no red flags” in the data, contends Riley. It believes KT-621 could become a best-in-class oral alternative to dupilumab, with potential to open up access for patients not currently on injectables. The firm sees additional share upside as the key investor program of interest is de-risked.