Kymera Therapeutics initiated with a Buy at BTIG

BTIG analyst Jeet Mukherjee initiated coverage of Kymera Therapeutics (KYMR) with a Buy rating and $60 price target The company is a differentiated player in the degrader field going after immunology & inflammation targets where removal of critical proteins and their scaffolding function could provide greater efficacy that better reflects biologics rather than small molecule inhibitors, the analyst tells investors in a research note. BTIG adds that it sees STAT6 degrader, KT-621, having the potential for Dupixent-like efficacy, with Phase 1 HV data coming in the first half of FY25, while Kymera’s TYK2 degrader KT-295 could differentiate from TYK2 inhibitors, with Phase 1 data coming in the second half of FY25.