Kymera Therapeutics (NASDAQ:KYMR) Earns Overweight Rating from Analysts at Barclays

Key Points

• Barclays has initiated coverage of Kymera Therapeutics (NASDAQ:KYMR) with an "overweight" rating and a price target of $60.00, suggesting a potential upside of 23% from its current price.
• The company reported a loss of $0.95 per share for its latest quarter, which missed analysts' expectations and reflects a 55.1% decline in revenue year-over-year.
• Kymera Therapeutics has received multiple upgrades from brokerages, with analysts currently holding a consensus rating of "Buy" and an average target price of $59.42.

Barclays assumed coverage on shares of Kymera Therapeutics (NASDAQ:KYMR - Free Report) in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The firm issued an overweight rating and a $60.00 target price on the stock.

Other analysts have also issued research reports about the company. Oppenheimer restated an "outperform" rating and set a $53.00 price target (down previously from $56.00) on shares of Kymera Therapeutics in a report on Friday, June 27th. BTIG Research restated a "buy" rating and set a $59.00 price target on shares of Kymera Therapeutics in a report on Thursday, June 26th. Guggenheim reiterated a "buy" rating and issued a $60.00 target price on shares of Kymera Therapeutics in a research note on Tuesday, June 3rd. B. Riley upgraded Kymera Therapeutics to a "strong-buy" rating and set a $60.00 target price on the stock in a research note on Wednesday, July 30th. Finally, Morgan Stanley initiated coverage on Kymera Therapeutics in a research note on Thursday, July 3rd. They issued an "overweight" rating and a $70.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $59.95.

Kymera Therapeutics Trading Up 6.3%

NASDAQ:KYMR traded up $3.04 during midday trading on Wednesday, hitting $51.16. 1,236,698 shares of the company traded hands, compared to its average volume of 651,980. The firm's fifty day moving average is $43.75 and its 200-day moving average is $37.75. Kymera Therapeutics has a 12-month low of $19.44 and a 12-month high of $53.27. The firm has a market capitalization of $3.66 billion, a P/E ratio of -14.74 and a beta of 2.17.

Kymera Therapeutics (NASDAQ:KYMR - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.83) by ($0.12). Kymera Therapeutics had a negative net margin of 616.03% and a negative return on equity of 31.60%. The company had revenue of $11.48 million for the quarter, compared to analysts' expectations of $17.37 million. During the same quarter in the previous year, the company posted ($0.58) EPS. The business's quarterly revenue was down 55.1% on a year-over-year basis. On average, research analysts expect that Kymera Therapeutics will post -2.79 EPS for the current fiscal year.

Insider Transactions at Kymera Therapeutics

In other news, Director Bvf Partners L. P/Il purchased 317,167 shares of the business's stock in a transaction dated Monday, June 30th. The shares were purchased at an average price of $44.00 per share, for a total transaction of $13,955,348.00. Following the completion of the purchase, the director owned 2,798,795 shares in the company, valued at approximately $123,146,980. This represents a 12.78% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Bros. Advisors Lp Baker purchased 655,500 shares of the business's stock in a transaction dated Monday, June 30th. The shares were purchased at an average price of $44.00 per share, for a total transaction of $28,842,000.00. Following the purchase, the director owned 6,117,295 shares of the company's stock, valued at approximately $269,160,980. This trade represents a 12.00% increase in their position. The disclosure for this purchase can be found here. Company insiders own 16.01% of the company's stock.

Hedge Funds Weigh In On Kymera Therapeutics

Several institutional investors have recently made changes to their positions in KYMR. KBC Group NV boosted its position in Kymera Therapeutics by 15.2% during the first quarter. KBC Group NV now owns 2,479 shares of the company's stock valued at $68,000 after purchasing an additional 328 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Kymera Therapeutics by 15.8% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,516 shares of the company's stock valued at $110,000 after purchasing an additional 343 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Kymera Therapeutics by 642.9% during the second quarter. Farther Finance Advisors LLC now owns 624 shares of the company's stock valued at $27,000 after purchasing an additional 540 shares in the last quarter. Comerica Bank boosted its position in Kymera Therapeutics by 3.6% during the first quarter. Comerica Bank now owns 21,374 shares of the company's stock valued at $585,000 after purchasing an additional 743 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Kymera Therapeutics by 506.6% during the second quarter. PNC Financial Services Group Inc. now owns 922 shares of the company's stock valued at $40,000 after purchasing an additional 770 shares in the last quarter.

Kymera Therapeutics Company Profile

Kymera Therapeutics, Inc, a biopharmaceutical company, focuses on discovering and developing novel small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body's own natural protein degradation system. It engages in developing IRAK4 program, which is in Phase II clinical trial for the treatment of immunology-inflammation diseases, including hidradenitis suppurativa, atopic dermatitis; STAT3 program for the treatment of hematologic malignancies and solid tumors, as well as autoimmune diseases and fibrosis; and MDM2 program to treat hematological malignancies and solid tumors.