Kymera Therapeutics (KYMR) PT Lowered to $54 at H.C. Wainwright

H.C. Wainwright analyst Andrew Fein lowered the price target on Kymera Therapeutics (NASDAQ: KYMR) to $54.00 (from $60.00) while maintaining a Buy rating.

The analyst commented: "For healthy volunteer (HV) study we expect a moderate reduction of TARC, however for Phase 1b ‘621 needs to show a median TARC reduction of 60-70% on day 28. With the KT-621 Phase 1 HV data expected in June 2025, we think Kymera might see greater or equal to 90% degradation of STAT6 based on the preclinical evidence shared by the company. As for the IgE and Thymus and Activation Regulated Chemokine (TARC) data, we expect a modest decrease in the biomarkers in healthy volunteers which is based on the data from the dupilumab Phase 1 studies which showed a modest decrease in TARC and total IgE following dupilumab treatment in HV (Li et al., Clin. Pharmacol. Drug Dev., 2020). However, for the Phase 1b trial (to initiate in 2Q25 with data in 4Q25) we note that the M4 trial (4 week monotherapy with dupilumab) showed around 20-25% median percentage change in the TARC level in 5 days, 40% reduction in 10 days, 60% in 15 days, and 70% in 28 days, although the reductions in IgE occurred more slowly than the reductions in TARC, which might be due to the longer half-life of IgE. Significant dose-dependent changes in the RNA-expression profile were observed in the patients after 4 weeks of treatment with 150 mg or 300 mg of dupilumab. The gene-expression profiles of samples from lesions in dupilumab-treated patients approached the profile of samples from nonlesional sites with improvements translating into reduction in EASI score. We note, dupilumab study also tested keratin 16 (K16), a marker of keratinocyte proliferation and regulator of innate immunity which showed significant reduction suggesting reduction in the epidermal hyperplasia observed in lesions caused by atopic dermatitis (Beck et al., NEJM, 2014). Therefore, for the initial Phase 1 HV data, we think from an efficacy standpoint demonstrating 90% or greater degradation of STAT6 along with a modest decrease in TARC might be encouraging. However, for the Phase 1b data, we think reaching around 60-70% TARC reduction (median) from the baseline in 28 days might be key. Finally, given the pipeline development programs we re-evaluate our opex assumptions in 2025 and beyond, which reduces our PT from $60 to $54."

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