Leerink sees positive readthrough for Kymera Therapeutics from J&J-Kaken deal

Leerink keeps an Outperform rating and a $60 price target on Kymera Therapeutics (KYMR) while noting that the firm sees a “positive readthrough” from the J&J’s (JNJ) in-licensing of an oral STAT6 program from Kaken Pharmaceutical. Kymera has recently started a Phase 1 for STAT6 degrader KT-621, while JNJ announced an in-licensing deal with Japan-based Kaken Pharmaceutical for small molecule STAT6 program KP-723, and while there are limited data publicly available about KP-723, the deal serves as evidence of strategic interest in the STAT6 target, the analyst tells investors in a research note.