Kymera Therapeutics up after $250 mln stock sale

Shares of Kymera Therapeutics KYMR.O up 1.6% on light premarket volume to $46.44 after follow-on priced

Watertown, Massachusetts-based biopharma late Thurs said sold 5.7 mln shares, including pre-funded warrants to buy shares, for $250.8 mln gross proceeds

Offering price of $44 represents 3.7% discount to stock's last sale

KYMR shares on Thurs fell 1.6% after co commenced offering late Weds

Co intends to use net proceeds to advance its pipeline of degrader medicines for immunological diseases

With 65.1 mln shares outstanding, co has $3 bln market cap

Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen and Leerink are joint bookrunners for the offering

Early Weds, Gilead Sciences GILD.O inked up to $750 mln cancer drug deal with KYMR

Also early that day, KYMR said Sanofi SASY.PA to advance its KT-485 drug candidate into clinical testing, with KYMR eligible for up to $975 mln in collaboration milestone payments

Through Thurs, KYMR shares up ~14% YTD, including 67% gain QTD

All 20 analysts covering KYMR are bullish with avg rating of "strong buy"; median PT of $60 implies 31% upside to last close - LSEG data