Kymera Therapeutics (NASDAQ:KYMR) Shares Down 4.1% on Analyst Downgrade

Kymera Therapeutics, Inc. (NASDAQ:KYMR - Get Free Report)'s share price dropped 4.1% on Thursday after Oppenheimer lowered their price target on the stock from $56.00 to $53.00. Oppenheimer currently has an outperform rating on the stock. Kymera Therapeutics traded as low as $44.00 and last traded at $44.57. Approximately 258,335 shares traded hands during trading, a decline of 58% from the average daily volume of 612,354 shares. The stock had previously closed at $46.47.

Other analysts also recently issued reports about the company. Bank of America upgraded Kymera Therapeutics from a "neutral" rating to a "buy" rating and set a $51.00 price target for the company in a report on Monday, June 2nd. JPMorgan Chase & Co. increased their price target on Kymera Therapeutics from $57.00 to $64.00 and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Wells Fargo & Company reduced their target price on Kymera Therapeutics from $57.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday. HC Wainwright restated a "buy" rating and issued a $60.00 target price (up from $54.00) on shares of Kymera Therapeutics in a research note on Thursday. Finally, UBS Group reduced their target price on Kymera Therapeutics from $72.00 to $70.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $59.61.

Insider Activity at Kymera Therapeutics

In other Kymera Therapeutics news, Director Elena Ridloff sold 12,000 shares of Kymera Therapeutics stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $46.10, for a total transaction of $553,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Nello Mainolfi sold 30,000 shares of Kymera Therapeutics stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $49.00, for a total transaction of $1,470,000.00. Following the transaction, the chief executive officer now directly owns 660,482 shares in the company, valued at approximately $32,363,618. This represents a 4.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,349 shares of company stock valued at $2,334,301. 16.01% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Kymera Therapeutics

Hedge funds have recently modified their holdings of the company. Rhumbline Advisers raised its holdings in shares of Kymera Therapeutics by 9.0% in the 1st quarter. Rhumbline Advisers now owns 69,928 shares of the company's stock worth $1,914,000 after purchasing an additional 5,771 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Kymera Therapeutics by 121.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 896,404 shares of the company's stock worth $24,535,000 after purchasing an additional 491,737 shares during the period. Millennium Management LLC raised its holdings in shares of Kymera Therapeutics by 340.4% in the 1st quarter. Millennium Management LLC now owns 510,480 shares of the company's stock worth $13,972,000 after purchasing an additional 394,562 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Kymera Therapeutics by 6.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,793 shares of the company's stock worth $849,000 after purchasing an additional 1,833 shares during the period. Finally, Eventide Asset Management LLC raised its holdings in shares of Kymera Therapeutics by 15.2% in the 1st quarter. Eventide Asset Management LLC now owns 525,138 shares of the company's stock worth $14,373,000 after purchasing an additional 69,410 shares during the period.

Kymera Therapeutics Trading Down 3.5%

The company has a market cap of $2.87 billion, a P/E ratio of -14.23 and a beta of 2.07. The business's fifty day moving average is $37.08 and its 200 day moving average is $35.80.

Kymera Therapeutics (NASDAQ:KYMR - Get Free Report) last posted its quarterly earnings results on Friday, May 9th. The company reported ($0.82) EPS for the quarter, topping analysts' consensus estimates of ($0.92) by $0.10. The company had revenue of $22.10 million for the quarter, compared to analysts' expectations of $11.38 million. Kymera Therapeutics had a negative net margin of 409.07% and a negative return on equity of 30.11%. Kymera Therapeutics's revenue was up 114.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.69) EPS. As a group, research analysts expect that Kymera Therapeutics, Inc. will post -2.79 EPS for the current fiscal year.

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.