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Stifel analyst Alex Thompson is reiterating a Buy rating on Kymera Therapeutics (KYMR) following “a slate of updates,” including the decision by partner Sanofi (SNY) to discontinue development of lead IRAK4 degrader KT-474 in favor of next-gen KT-485 and a new partnership deal with Gilead (GILD) for a CDK2 molecular glue degrader. While the update related to IRAK4 is “disappointing and removes potential catalysts” next year, Sanofi expects to move KT-485 into Phase 1 next year and the broader partnership remains in place, notes the analyst. On the Gilead deal, Kymera will receive up to $85M in upfront and options, adds the analyst, who would view any weakness from today’s news as a buying opportunity as the firm contends there remains limited credit in the stock for the broader pipeline and additional milestone payments. Stifel has a Buy rating on Kymera shares, which are down $1.18, or 2.5%, to $45.96 in morning trading.
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