Wells Fargo downgraded Kymera Therapeutics to Equal Weight from Overweight with a $26 price target. With the company refocusing its pipeline efforts towards I&I, this gets the firm less confident in upside from the oncology portfolio, and its I&I programs won’t have meaningful data in 2024. Shares have bounced off the lows from November 3, rallying 83% and now trade at Wells’ price target. The firm sees 2024 largely as an execution year for Kymera’s early-stage pipeline and expects shares to be range bound.
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