BUZZ-Citigroup starts coverage of Kymera with $52 PT
Citigroup has initiated coverage of Kymera Therapeuticswith a "buy/high risk" rating and a price target of $52, indicating a potential upside of approximately 48%. The brokerage highlights Kymera's innovative protein degradation technology for treating inflammatory diseases. Notably, the drug KT-621 shows promising preclinical results, potentially rivaling Dupixent, while KT-474 has demonstrated significant symptom reduction in clinical trials. Citigroup projects Kymera's revenue could reach $1 billion by 2032, with substantial sales increases positively impacting stock value. Kymera's shares surged 58.7% in 2024.
Citigroup starts coverage of Kymera Therapeutics’ (KYMR.O) shares with “buy/high risk” rating and $52 PT, a ~48% upside to stock’s last close
Brokerage says company’s targeted protein degradation technology offers “first-in-class” approaches in the treatment of various inflammatory and immunological diseases
Company’s atopic dermatitis drug KT-621 has shown “robust preclinical data” with potential to achieve “comparable or superior efficacy” to Regeneron (REGN.O) and Sanofi’s (SASY.PA) Dupixent, Citigroup says
Kymera’s inflammatory skin disease drug KT-474 has shown promising data in clinical trials, particularly in hidradenitis suppurativa, where it demonstrated a “remarkable ~60% reduction in symptoms”, positioning it as a potential “best-in-class” therapy - brokerage
Brokerage estimates company’s revenue to reach $1 bln by 2032, with each additional $500 bln in sales potentially adding $20 to the stock price
Kymera’s shares rose 58.7% in 2024
