UPDATE: UBS Starts Kymera Therapeutics (KYMR) at Buy

UBS analyst Eliana Merle initiates coverage on Kymera Therapeutics (NASDAQ: KYMR) with a Buy rating and a price target of $80.00.

The analyst comments "We rate KYMR a Buy because we see significant upside potential if any one of KYMR's three programs (all expected to be in clinic by 2021) is successful & see strong optionality heading into a likely catalyst rich next 12-24 months. We think oral IRAK4 degrader KT-474 (partnered w/ SNY) has strong-potential to disrupt $80B+ injectable I&I market (indications planned for RA, AD and HS) as IRAK4 scaffolding function drives a significant number of downstream immune effects. Further conviction in preclinical assets driven by KT-413 (IRAKIMiD) clinically validated components in oncology & expected synergies, as well as KT-333 (STAT3) which targets classic oncology "undruggable" where we think the biology points to potential efficacy."

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 $40.10 yesterday.

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