H.C. Wainwright lowered the firm’s price target on Kymera Therapeutics to $30 from $85 and keeps a Buy rating on the shares. The company shared the early data from the STAT3 program, where the drug showed a dose-dependent degradation of STAT3, reaching around 87% at the highest dose level, with encouraging preliminary efficacy data in a single agent setting, without having a dose limiting toxicity or serious adverse events, the analyst tells investors in a research note. The firm thinks these early data are encouraging that supports further development of the program. However, the lowered KT-413 launch assumptions to better reflect the current development landscape.
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