Kymera off 14% on quarterly results, lack of clarity on trial

• Kymera (NASDAQ:KYMR) is down 14% in Thursday afternoon trading after its Q1 2023 results missed on the bottom line and it didn't provide further clarity on the timing for a phase 2 trial for lead candidate KT-474
• During its quarterly earnings call earlier Thursday, the company said it planned on starting the mid-stage trial this year, but wasn't more specific.
• KT-474 is under investigation for atopic dermatitis, rheumatoid arthritis, and hidradenitis suppurativa.
• As a result of the uncertainty, Stifel analyst Bradley Canino extended potential product launch by a year and cut his price target to $48 from $53 (~55% upside based on Wednesday's close). He is maintaining his buy rating.

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