Why Kymera Therapeutics Stock Popped This Week
Key Points
It completed the enrollment phase of a Phase 2b study of its leading drug candidate.
This medication will be trialed to gauge its efficacy in treating severe atopic dermatitis.
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This week was an eventful one for Kymera Therapeutics (NASDAQ: KYMR). The clinical-stage biotech announced the early completion of enrollment in an important clinical trial. It also earned a clutch of analyst price target raises. These developments were tempered by news of an insider stock sale.
Regardless, by Friday's market close, Kymera had risen by almost 30% over the five trading days, according to data compiled by S&P Global Market Intelligence.
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Major change in the clinical calendar
Kymera, which specializes in medicines that use a process called targeted protein degradation (TPD), announced Thursday morning that it completed enrollment in a global Phase 2b trial of its leading drug candidate. This is KT-621, which will be tested in a trial to assess its efficacy in treating severe atopic dermatitis, a chronic skin condition.
Image source: Getty Images.
The advancement of any key clinical trial is good news, but what made this one particularly encouraging was that the enrollment for this one was completed far earlier than expected. As a result, the topline data readout for the study is now expected by the end of this year; previously, management was guiding for a mid-2027 target.
Not coincidentally, this announcement was followed by several analyst price target raises. Canaccord's Edward Nash, for one, felt compelled to boost his on Kymera to $129 per share from $106, maintaining his buy recommendation as he did so.
Inside move
These positive factors were mitigated by the insider sale. A regulatory filing divulged that Atlas Venture Fund, a firm in which Kymera co-founder and member of its board of directors Bruce Booth is a partner, sold 398,765 shares between Tuesday and Friday for total proceeds of nearly $44 million.
Although these were conducted under a pre-arranged trading plan, the optics of a big-ticket insider sale are rarely positive.
This dinged the stock price a bit, but ultimately it traded higher. What we're left with is a company that has made a larger-than-expected step forward in the development of its No. 1 investigational medicine. That alone is reason to be very bullish on its future.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Kymera Therapeutics. The Motley Fool has a disclosure policy.
