Barclays Initiates Coverage on Kymera Therapeutics (NASDAQ:KYMR)

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 initiated coverage on shares of Kymera Therapeutics (NASDAQ:KYMR - Free Report) in a report published on Wednesday morning, Marketbeat.com reports. The firm issued an overweight rating and a $60.00 price objective on the stock.

Several other research firms have also commented on KYMR. Bank of America upgraded shares of Kymera Therapeutics from a "neutral" rating to a "buy" rating and set a $51.00 price objective for the company in a research note on Monday, June 2nd. The Goldman Sachs Group upgraded shares of Kymera Therapeutics to a "strong-buy" rating in a research note on Tuesday, July 15th. Guggenheim restated a "buy" rating and set a $60.00 price target on shares of Kymera Therapeutics in a research note on Tuesday, June 3rd. Oppenheimer restated an "outperform" rating and set a $53.00 price target (down previously from $56.00) on shares of Kymera Therapeutics in a research note on Friday, June 27th. Finally, Royal Bank Of Canada started coverage on shares of Kymera Therapeutics in a research note on Tuesday, September 16th. They set an "outperform" rating and a $70.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Kymera Therapeutics presently has a consensus rating of "Buy" and an average price target of $59.95.

Kymera Therapeutics Stock Down 4.0%

Shares of NASDAQ KYMR traded down $2.03 during trading hours on Wednesday, hitting $49.13. 2,555,812 shares of the stock were exchanged, compared to its average volume of 687,594. The company has a market cap of $3.51 billion, a PE ratio of -14.16 and a beta of 2.17. The firm has a fifty day moving average price of $43.85 and a 200-day moving average price of $37.92. Kymera Therapeutics has a 12 month low of $19.44 and a 12 month high of $53.27.

Kymera Therapeutics (NASDAQ:KYMR - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The firm had revenue of $11.48 million for the quarter, compared to the consensus estimate of $17.37 million. Kymera Therapeutics had a negative return on equity of 31.60% and a negative net margin of 616.03%.The company's revenue was down 55.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.58) EPS. As a group, equities analysts anticipate that Kymera Therapeutics will post -2.79 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Bvf Partners L. P/Il purchased 317,167 shares of the company's stock in a transaction on Monday, June 30th. The stock was acquired at an average cost of $44.00 per share, for a total transaction of $13,955,348.00. Following the completion of the transaction, the director directly owned 2,798,795 shares in the company, valued at approximately $123,146,980. The trade was a 12.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Bruce N. Jacobs sold 79,220 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $50.00, for a total transaction of $3,961,000.00. Following the completion of the sale, the chief financial officer directly owned 227,409 shares in the company, valued at $11,370,450. This trade represents a 25.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 16.01% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in KYMR. Ameriprise Financial Inc. purchased a new position in Kymera Therapeutics in the fourth quarter worth approximately $344,000. BNP Paribas Financial Markets purchased a new position in Kymera Therapeutics in the fourth quarter worth approximately $396,000. Deutsche Bank AG lifted its stake in Kymera Therapeutics by 65.7% in the fourth quarter. Deutsche Bank AG now owns 72,442 shares of the company's stock worth $2,914,000 after acquiring an additional 28,726 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Kymera Therapeutics by 7.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,960 shares of the company's stock worth $1,163,000 after acquiring an additional 2,011 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Kymera Therapeutics by 205.0% in the fourth quarter. Millennium Management LLC now owns 115,918 shares of the company's stock worth $4,663,000 after acquiring an additional 77,912 shares during the last quarter.

About Kymera Therapeutics

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.