Brookline Capital Markets raised its price target for Kymera Therapeutics (NASDAQ:KYMR) to $93 from $80 after the company dosed the first patients in separate Phase 1 studies for its KT-333 and KT-413 product candidates. The stock closed at $15.77 on June 17.
“The clinical advancement by Kymera of KT-333 and KT-413 into Phase 1 development with first patients dosed, reduces clinical development risk by an estimated 370 basis points, based on likelihood of success from preclinical to Phase 1,” writes analyst Leah Rush Cann.
The KT-333 trial includes patients with relapsed/refractory liquid and solid tumors, including T-cell lymphomas and leukemia, and the KT-413 study is enrolling patients with relapsed/refractory B-cell lymphomas, including MYD88-mutant diffuse large B-cell lymphoma.
Ms. Cann estimates KT-333 will enter the peripheral T-cell lymphoma, cutaneous T-cell lymphoma and non-small cell lung cancer markets in 2028, while KT-333 could launch in aggressive lymphomas in 2028.
