Kymera Therapeutics (NASDAQ:KYMR) Shares Gap Down on Disappointing Earnings

Key Points

• Kymera Therapeutics shares gapped down from $40.62 to $38.16 after reporting disappointing earnings, with a loss of ($0.95) per share, which was below the consensus estimate of ($0.84).
• The company's revenue fell by 55.1% year-over-year, and it reported a negative net margin of 409.07% during the same period.
• Despite the disappointing earnings, analysts have set new price targets for the stock, with targets ranging from $53.00 to $64.00, and a consensus rating of "Buy".

Kymera Therapeutics, Inc. (NASDAQ:KYMR - Get Free Report)'s stock price gapped down before the market opened on Monday following a dissappointing earnings announcement. The stock had previously closed at $40.62, but opened at $38.16. Kymera Therapeutics shares last traded at $39.34, with a volume of 134,694 shares trading hands.

The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.83) by ($0.12). The company had revenue of $11.48 million for the quarter, compared to analyst estimates of $17.37 million. Kymera Therapeutics had a negative net margin of 616.03% and a negative return on equity of 31.60%. The firm's quarterly revenue was down 55.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.58) EPS.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Oppenheimer reiterated an "outperform" rating and issued a $53.00 price target (down from $56.00) on shares of Kymera Therapeutics in a research report on Friday, June 27th. Jefferies Financial Group set a $64.00 target price on shares of Kymera Therapeutics and gave the company a "buy" rating in a research report on Wednesday, June 25th. The Goldman Sachs Group raised Kymera Therapeutics to a "strong-buy" rating in a research report on Tuesday, July 15th. Guggenheim restated a "buy" rating and issued a $60.00 target price on shares of Kymera Therapeutics in a research note on Tuesday, June 3rd. Finally, Wall Street Zen raised Kymera Therapeutics from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Two analysts have rated the stock with a hold rating, sixteen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $59.11.

Insider Activity

In other news, CEO Nello Mainolfi sold 30,000 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $49.00, for a total value of $1,470,000.00. Following the completion of the sale, the chief executive officer owned 660,482 shares in the company, valued at $32,363,618. This represents a 4.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bvf Partners L. P/Il bought 317,167 shares of the business's stock in a transaction on Monday, June 30th. The shares were acquired at an average price of $44.00 per share, with a total value of $13,955,348.00. Following the transaction, the director directly owned 2,798,795 shares of the company's stock, valued at approximately $123,146,980. This trade represents a 12.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 48,349 shares of company stock worth $2,334,301. Company insiders own 16.01% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its stake in Kymera Therapeutics by 642.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 624 shares of the company's stock worth $27,000 after purchasing an additional 540 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Kymera Therapeutics by 506.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 922 shares of the company's stock valued at $40,000 after buying an additional 770 shares during the period. State of Wyoming purchased a new stake in Kymera Therapeutics in the fourth quarter worth $45,000. GF Fund Management CO. LTD. purchased a new position in shares of Kymera Therapeutics during the fourth quarter valued at $55,000. Finally, 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.

Kymera Therapeutics Stock Up 2.6%

The stock has a market capitalization of $3.05 billion, a PE ratio of -12.29 and a beta of 2.18. The firm has a 50 day moving average price of $44.64 and a 200-day moving average price of $36.49.

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.