Kymera Therapeutics: Mgmt meeting takeaways: KYMR remains a high conviction call; major '27 ahead

研报英文原文证据摘录

Kymera Therapeutics: Mgmt meeting takeaways: KYMR remains a high conviction call; major '27 ahead

Equity Research

U.S. Small & Mid Cap Biotechnology

18 June 2026

Kymera Therapeutics

Mgmt meeting takeaways: KYMR

remains a high conviction call;

KYMR OVERWEIGHTmajor '27 ahead

U.S. Small & Mid Cap POSITIVE

STAT6 degrader AD Ph2b data by mid '27 and asthma Ph2b Biotechnology Price Target USD 133.00

data by late '27 are key catalysts and inflection points in our Price (17-Jun-26) USD 89.90

view. We continue to think KYMR has a unique opportunity in Potential Upside/Downside +47.9% Source: Bloomberg, Barclays Research

large I&I markets with the potential for orals with biologic-like

efficacy. U.S. Small & Mid Cap Biotechnology

Eliana Merle, CFA

+1 212 526 9445

We hosted a Boston bus tour with investors and met with KYMR mgmt (Nello Mainolfi, Founder, eliana.merle@barclays.com

President, & CEO; Jared Gollob, CMO). We think mgmt sounds upbeat across clinical programs BCI, US

ahead of a major '27 with key readouts from STAT6 (Ph2b in AD and Ph2b in asthma). We continue

Jasmine Fels, PhDto have high conviction in KYMR: we think protein degradation is a transformative technology with

+1 212 526 0865

the potential to reach many historically "holy grail" targets. We think the STAT6 data updates in AD jasmine.fels@barclays.com

and asthma in '27 will be key inflection points and we think shares begin to trade up as the data BCI, US

gets closer. We also see IRF5 as a high value target with genetic validation and think Ph1 healthies

Tejas Weindata in 2H could be an early data point, though we think investors are more focused on clinical

+1 212 526 3806

data here (first indication will be lupus). We see KYMR as having one of the highest quality tejas.wein@barclays.com