Stock analysts at Bank of America have raised their price target for Kymera Therapeutics (NASDAQ:KYMR) from $71.00 to $112.00. This adjustment, detailed in a report released on November 4, 2023, reflects the brokerage’s ongoing confidence in the stock, which it currently rates as a “buy.” The new target price suggests a potential upside of approximately 18.77% from Kymera’s current market value.
Several other research firms have also weighed in on Kymera Therapeutics. Jefferies Financial Group reaffirmed a “buy” rating while setting a target price of $73.00. On the same day, Oppenheimer maintained an “outperform” rating, with a target price of $67.00. Earlier this year, on September 16, Royal Bank of Canada initiated coverage with an “outperform” rating and a price target of $70.00. Additionally, Guggenheim began coverage on November 3, establishing a “buy” rating with an objective of $90.00.
Overall, analysts’ ratings for Kymera have been predominantly positive. Currently, three analysts have assigned a “Strong Buy” rating, while seventeen have given a “Buy” rating, and one has issued a “Sell” rating. According to MarketBeat.com, the average rating for the stock is “Buy,” with an average price target of $89.95.
Recent Earnings Report and Insider Transactions
Kymera Therapeutics reported its latest earnings results on November 4, 2023. The company posted a loss of ($0.90) earnings per share, falling short of analysts’ consensus estimates of ($0.71) by $0.19. The company’s revenue for the quarter was $2.76 million, significantly below the anticipated $23.15 million. This performance reflects a negative return on equity of 32.92% and a net margin of 674.81%. Looking ahead, analysts project Kymera will report an average of ($2.79) earnings per share for the current fiscal year.
In related news, insider Jared Gollob sold 59,576 shares of Kymera stock on October 15, 2023, at an average price of $61.42, totaling approximately $3.66 million. Following this transaction, Gollob retained 109,992 shares valued at around $6.76 million, marking a 35.13% reduction in his ownership. This sale was disclosed in a filing with the Securities and Exchange Commission (SEC).
Additionally, Jeffrey W. Albers, a director at Kymera, sold 5,000 shares on December 8, 2023, for a total of $448,800. The details of this transaction are also available in the official SEC disclosures. Over the past quarter, insiders have sold a total of 361,217 shares worth approximately $25.14 million, and insiders currently own 16.01% of the company’s stock.
Institutional Investment Activity
Several institutional investors have recently adjusted their positions in Kymera Therapeutics. US Bancorp DE increased its stake by 9.8% during the third quarter, now holding 1,865 shares valued at $106,000. Similarly, Mirae Asset Global Investments Co. Ltd. grew its holdings by 9.9%, owning 2,764 shares worth $156,000 after acquiring an additional 248 shares.
Other notable changes include Larson Financial Group LLC, which expanded its position by 81.5%, now holding 777 shares valued at $44,000. Farther Finance Advisors LLC raised its holdings by an impressive 642.9% in the second quarter, now owning 624 shares worth $27,000. Lastly, Comerica Bank increased its position by 3.6%, currently owning 21,374 shares valued at $585,000.
Kymera Therapeutics is a biopharmaceutical firm dedicated to developing innovative small molecule therapeutics aimed at selectively degrading disease-causing proteins. The company is engaged in several key programs, including its IRAK4 program, currently in Phase II clinical trials for treating immunology-inflammation diseases, and its STAT3 and MDM2 programs targeted at various malignancies and autoimmune diseases.
Investors and analysts alike will be closely observing Kymera Therapeutics as it navigates market fluctuations and works toward advancing its therapeutic programs.
