UPDATE: JPMorgan Starts Kymera Therapeutics (KYMR) at Neutral

JPMorgan analyst Eric Joseph initiates coverage on Kymera Therapeutics (NASDAQ: KYMR) with a Neutral rating and a price target of $44.00.

The analyst comments "We are initiating coverage of Kymera Therapeutics (KYMR) with a Neutral rating and a Dec-22 price target of $44. We see Kymera as somewhat distinct within the broader group of target protein degrader (TPD)-focused biotechs in 1) prioritizing an inflammatory target in establishing initial clinical proof of concept, and 2) diversifying beyond the canonical E3 ligases. On the heels of compelling safety and biomarker results in healthy volunteers, read-throughs from a competitor, but only partially suppressive, IRAK4 targeted programs, and backing from large-cap biopharma, lead candidate KT-474 represents a compelling, and potentially differentiated oral offering within the >$60B market of immune modulators for autoimmune/inflammatory diseases. While relatively insulated from downside pressure versus the benchmark from a healthy balance sheet (runway into 1H25), we see limited upside potential from anticipated biomarker updates from KT-474 and the earlier stage pipeline over the mid-term."

For an analyst ratings summary and ratings history on Kymera Therapeutics click here. For more ratings news on Kymera Therapeutics click here.

Shares of Kymera Therapeutics closed at $40.13 yesterday.

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