Kymera Therapeutics slides after launching $500 million share offering

Drug developer Kymera Therapeutics' KYMR.O shares slide 7% to $87.71

KYMR late Monday launched a stock offering of $500 million worth of shares

Stock closed up 41.6% on Monday after positive data for eczema drug

Morgan Stanley, J.P. Morgan, Jefferies, Stifel, Guggenheim Securities and Wells Fargo Securities are joint book-running managers for offering

Proceeds will be used to advance its pipeline of preclinical and clinical degrader programs and for other purposes

KYMR had 71.7 million outstanding shares as of September 30, according to prospectus

All 23 brokerages covering the stock rate it "buy" or higher; median PT $90.50 - data compiled by LSEG

As of last close, KYMR stock was up 134.4% YTD