2Q26 Update - KT-621 Acceleration Sets Up for Two Degrader Readouts in 4Q26

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M

Update

August 5, 2026 04:37 PM GMT

Morgan Stanley & Co. LLC

Kymera Therapeutics Inc | North America

Judah C. Frommer, CFA

Equity Analyst

2Q26 Update - KT-621

Acceleration Sets Up for Two

Degrader Readouts in 4Q26

Nicholas D Japhet

Research Associate

Parth Patel

Research Associate

Kymera Therapeutics Inc (KYMR.O, KYMR US)

What’s Changed

Biotechnology | United States of America

Kymera Therapeutics Inc (KYMR.O)

From

To

Price Target

$119.00

$135.00

AlphaSignals Earnings Reaction

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

KT-579 (Ph1 in HVs) and KT-621 (Ph2b in AD) readouts expected in 4Q26.

Accelerated timelines for KT-621 support potential Ph3 initiation by mid-2027.

Cash runway reiterated into 2029.

KYMR provided its 2Q26 update, largely reiterating catalyst guidance following

recent acceleration of KT-621 timelines in AD. Recall (see here), enrollment was

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

Attractive

$135.00

$104.39

$10,140

$130.05-36.65

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

(3.08)

NM

(3.51)

(3.13)

(2.64)

NM

(3.50)

(3.91)

(3.31)

NM

(4.30)

(4.44)

(3.74)

NM

(4.64)

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Quarterly EPS ($)

Quarter

2025

2026e 2026e

Prior Current

Q1

Q2

Q3

Q4

(0.67)

(0.80)

(0.75)

(0.84)

- (0.55)a

- (0.43)a

(0.85) (1.05)

(0.86) (1.10)

2027e 2027e

Prior Current

e = Morgan Stanley Research estimates, a = Actual Company reported data

recently completed in the Ph2b BROADEN2 study 6 months ahead of schedule,

supporting a topline readout by YE26 and potential Ph3 initiation by mid-2027.

Much of the discussion on the call focused on Ph2b study execution, patient

…