Credit Suisse downgrades Kymera, sees ‘too much risk’ into data

Credit Suisse analyst Richard Law last night downgraded Kymera Therapeutics to Neutral from Outperform with a price target of $32, down from $47. The December 14 readout for KT-474’s Part C “has too much risk,” Law tells investors in a research note. The analyst continues to believe KT-474’s ability to show efficacy is low and says uncertainty will likely leave the market struggling on how to assign the appropriate value to the drug. He reduced the probability of success for KT-474 in atopic dermatitis from 20% to 13% and his “M&A weight” for Kymera 10% from 15%.