Brokerages turn bullish on Kymera after positive early trial data

Shares of drug developer Kymera Therapeutics KYMR.O rise 3.41% premarket, after gaining ~45% in previous session

Company said on Monday its experimental oral drug effectively reduced STAT6 levels in blood and skin during an early-stage trial

The drug, KT-621, is designed to target STAT6, a key signaling protein involved in immune response

Brokerages, including BofA Global Research and Morgan Stanley, upgrade rating on stock to "buy" equivalent

"The data increases our confidence in KT-621's ability to compete across large I&I (immunology and inflammation) indications, and in Kymera's platform more broadly" - Morgan Stanley

All 20 brokerages covering the stock have rating "buy" or higher; median PT is $60 - data compiled by LSEG

Through Monday, KYMR shares up ~7% so far this year