Morgan Stanley analyst Vikram Purohit maintained a Hold rating on Kymera Therapeutics (KYMR – Research Report) today and set a price target of $49.00.
Vikram Purohit’s rating is based on a combination of factors related to Kymera Therapeutics’ current position and future prospects. The company is focusing on its STAT6 degrader KT-621, with Phase I data expected in 2025, aiming for significant target degradation and a clean safety profile. While the management is optimistic about achieving these goals, the emphasis on demonstrating 90%+ degradation in blood over skin suggests a cautious approach, as achieving this in blood is deemed more critical.
Additionally, the management’s strategy includes a focus on first-mover advantage and efficient proof-of-concept studies, which are promising but still in early stages. The company’s plan to progress KT-621 independently through registration indicates confidence, yet the lack of immediate data and the inherent risks of drug development contribute to the Hold rating. The upcoming disclosure of a new target-focused program in May adds potential, but the current uncertainties and the need for further data justify a cautious stance at this time.