Kymera Therapeutics (KYMR) PT Raised to $155 at B.Riley
B.Riley analyst Kalpit Patel raised the price target on Kymera Therapeutics (NASDAQ: KYMR) to $155.00 (from $117.00) while maintaining a Buy rating.
The analyst commented: "On 6/25, BMO, Buy-rated KYMR ($117 to $155 PT), unexpectedly announced completing BROADEN2 Ph2b enrollment in moderate-to-severe AtD roughly six months early, moving the topline to year-end 2026 from mid-2027 and advancing the planned Ph3 initiation to mid-2027. We are buyers on this encouraging update, which converts KYMR's single most important value driver from a distant catalyst into a near-term event and resets the equity to a higher floor. The majority ex-US enrollment footprint supports a contained placebo response setup in the readout, and the timing now puts it a clear step ahead of the rest of the oral STAT6 field and into the broader AtD/asthma space, which saw a floor value established by ABBV/Apogee's $11B transaction. The acceleration also tightens a go-forward catalyst roadmap that also includes KT-579 IRF5 degrader Ph1 healthy-volunteer data in 2H26 (lupus the lead PoC indication), the Sanofi-partnered KT-485 IRAK4 degrader now in Ph1, and Gilead's KT-200 CDK2 molecular glue tracking to the clinic in 2027, each carrying partnered milestone flow against the wholly-owned core. We raise our PT to $155 from $117 to reflect a launch we now model a year earlier and the scale and scope synergy of an AtD and asthma Ph3 program advancing in parallel into the back half of 2027. Against a wholly-owned lead program KT-621 with multi-billion-dollar risk-adjusted sales, we view ~$8B EV as still constituting meaningful upside, with a broad slew of pipeline de-risking events anticipated in 2H26E."