Kymera Therapeutics initiated with a Market Perform at BMO Capital

BMO Capital analyst Etzer Darout initiated coverage of Kymera Therapeutics (KYMR) with a Market Perform rating and $55 price target Kymera is focused on targeted protein degradation to address previously intractable immune-inflammatory disease drug targets, the analyst tells investors in a research note. The firm believes the company’s pipeline has the ability to address diseases within biologically proven pathways, but is cautious on the risk/benefit profiles of its lead assets given the high bar for success. It needs to gain conviction on the company’s programs in 2025 given Kymera ‘s current valuation to recommend the shares.