Kymera Therapeutics upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Derek Archila upgraded Kymera Therapeutics (KYMR) to Overweight from Equal Weight with a price target of $57, up from $38. The shares could trade up 75% in a bull case on KT-621’s Phase 1 update in the first half of 2025, the analyst tells investors in a research note. The firm says that even with Kymera’s year-to-date performance, the Street’s assigned value for KT-621 is still fairly conservative. It would be a buyer of the stock at these levels. Wells feels good about KT-621’s Phase1 safety and says the drug’s opportunity is substantial.