Citigroup starts coverage of Kymera with $52 PT

Citigroup starts coverage of Kymera Therapeutics' KYMR.O shares with "buy/high risk" rating and $52 PT, a ~48% upside to stock's last close

Brokerage says company's targeted protein degradation technology offers "first-in-class" approaches in the treatment of various inflammatory and immunological diseases

Company's atopic dermatitis drug KT-621 has shown "robust preclinical data" with potential to achieve "comparable or superior efficacy" to Regeneron REGN.O and Sanofi's SASY.PA Dupixent, Citigroup says

Kymera's inflammatory skin disease drug KT-474 has shown promising data in clinical trials, particularly in hidradenitis suppurativa, where it demonstrated a "remarkable ~60% reduction in symptoms", positioning it as a potential "best-in-class" therapy - brokerage

Brokerage estimates company's revenue to reach $1 bln by 2032, with each additional $500 bln in sales potentially adding $20 to the stock price

Kymera's shares rose 58.7% in 2024