Therapeutics (KYMR) Stock Rockets on KT‑621 Eczema Breakthrough, Then Pauses After $500M Share Offering

Updated: December 9, 2025

Kymera Therapeutics’ stock has just done the biotech equivalent of a backflip: a ~40–50% one‑day surge on Monday after stunning eczema trial data, followed almost immediately by a cool‑down triggered by a $500 million stock offering and a wave of fresh analyst price‑target hikes. ^[1]

This is the kind of setup that gets both momentum traders and long‑term biotech nerds leaning in.

Where KYMR Stock Stands Today

On December 8, 2025, Kymera Therapeutics (NASDAQ: KYMR) closed around $94.30, up roughly 41.6% in a single session, with after‑hours trading around $90, still massively above last week’s levels. ^[2]
Just a few days earlier, the stock had been hovering in the mid‑$60s, according to the company’s own historical price data. ^[3]

The immediate driver: KT‑621, Kymera’s oral STAT6 degrader, produced dupilumab‑like efficacy in atopic dermatitis (eczema) with clean safety in a small Phase 1b trial — and the Street went into full rerating mode. ^[4]

The very same day, Kymera also launched a $500 million underwritten public offering of common stock (with an additional $75 million over‑allotment option), which sent shares lower in after‑hours trading as investors digested dilution. ^[5]

So where does that leave KYMR on December 9?

A dramatically higher valuation than a week ago.
A much stronger balance sheet pending completion of the offering.
A cluster of aggressive new analyst price targets now stretching up to $138 per share. ^[6]

The KT‑621 Catalyst: Why the Stock Exploded

On December 8, Kymera released full Phase 1b data from its BroADen trial of KT‑621, a first‑in‑class oral degrader of STAT6 in patients with moderate‑to‑severe atopic dermatitis. ^[7]

Key takeaways from the company’s detailed press release:

Mechanism & target
- STAT6 is a transcription factor downstream of IL‑4 and IL‑13, the same pathway targeted by blockbuster biologic dupilumab (Dupixent). ^[8]
- Instead of blocking the pathway with an antibody, KT‑621 degrades STAT6 inside cells using targeted protein degradation (TPD) chemistry. ^[9]
Trial design
- Open‑label Phase 1b, 22 patients, 100 mg or 200 mg once‑daily for 28 days. ^[10]
- Moderate‑to‑severe eczema, with about half having comorbid asthma or allergic rhinitis. ^[11]
Biology: brutal efficiency on STAT6 and biomarkers
- ~98% median STAT6 degradation in blood and ~94% in skin at both doses. ^[12]
- Strong reductions in Type 2 inflammatory biomarkers (TARC, Eotaxin‑3, IL‑31, IgE, FeNO), often in the same ballpark as — or numerically better than — published dupilumab data at week 4. ^[13]
Clinical outcomes: dupilumab‑like territory (at least early on)
- Mean EASI reduction ~63% across all patients at Day 29. ^[14]
- Mean peak itch (pruritus NRS) reduction ~40%. ^[15]
- EASI‑50 in ~76% and EASI‑75 in ~29% of patients by Day 29. ^[16]
- Meaningful improvements in quality‑of‑life scales like DLQI and POEM. ^[17]
Safety
- No serious adverse events, no treatment‑related discontinuations, no signal for common biologic‑like issues such as conjunctivitis, and no concerning lab or ECG changes in this short trial. ^[18]

The headline story: in a tiny, open‑label study, KT‑621 behaved like an oral version of dupilumab, at least through four weeks, with what looks like an exceptionally clean safety profile so far. Multiple analysts explicitly highlight this “dupilumab‑like” profile in their notes. ^[19]

Caveats (which the company itself emphasizes): ^[20]

Only 22 patients.
No randomized control arm.
Only 4 weeks of dosing and follow‑up.

In other words: huge signal, but still early‑stage, high‑risk data.

Wall Street Reaction: A Stampede of Higher Price Targets

If you like watching analysts scramble to out‑bull each other, Kymera’s December 8–9 news flow is your kind of chaos.

In roughly 24 hours around the KT‑621 data and stock offering, the following moves hit the tape:

BTIG: raises PT to $138 from $75, Buy
- Argues KT‑621 matched or exceeded dupilumab’s week‑4 profile on key clinical endpoints with “spotless” safety and calls $138 “reasonable” after the data. ^[21]
Morgan Stanley: raises PT to $127 from $73, Overweight ^[22]
Oppenheimer: raises PT to $120 from $67, Outperform
- Says KT‑621’s efficacy and safety appear “highly comparable” to dupilumab in eczema. ^[23]
Wells Fargo: raises PT to $116 from $69, Overweight
- Highlights EASI reductions (~62–63%) and pruritus reductions (~35–47%) that are numerically better than dupilumab’s SOLO 1 & 2 week‑4 data, and bumps the probability of success for Phase 2b to 65%. ^[24]
Truist Securities: raises PT to $116 from $80, Buy ^[25]
Bank of America: raises PT to $112 from $71, Buy
- Notes potential upside of nearly 19% from the stock’s then‑current level at the time of the note. ^[26]
Stifel: raises PT to $114 from $68, Buy
- Boosts probability of success and market penetration assumptions based on KT‑621’s biomarker and clinical profile, but also flags high volatility and a valuation already rich vs some fair value models. ^[27]
Leerink Partners: raises PT to $118 from $70, Outperform
- GuruFocus’ summary notes an analyst consensus high target of $138, low of $65, and average around $87.6 (pre‑full adjustment), with an average rating equivalent to “Outperform”. ^[28]
Barclays: raises PT to $119 from $70, Overweight ^[29]

In short: the Street is almost uniformly bullish, with price targets now stacked in the low‑ to mid‑triple digits. At the same time, some models (like GuruFocus’ internal GF Value estimate) still flag downside risk if you assume more conservative long‑term assumptions. ^[30]

The $500 Million Question: Why the Share Offering, and What Does It Mean?

On the same day as the KT‑621 data, Kymera launched an underwritten public offering of $500 million in common stock, with a standard 30‑day option for underwriters to buy up to an extra $75 million. ^[31]

Key details:

All shares are being sold by Kymera (no secondary selling shareholders). ^[32]
Proceeds are earmarked to advance the pipeline and for general corporate purposes — essentially more fuel for KT‑621 and the broader degrader portfolio. ^[33]
Lead underwriters include Morgan Stanley, J.P. Morgan, Jefferies, Stifel, Guggenheim and Wells Fargo — notably, many of the same banks now publishing bullish research. ^[34]

Investing.com notes that Kymera’s stock fell roughly 7–8% in after‑hours trading after the offering was announced, a classic reaction to potential dilution following a big price spike. ^[35]

Before this raise, Kymera already had ~$979 million in cash, cash equivalents and investments as of September 30, 2025, and projected a cash runway into the second half of 2028. ^[36]

Add a fully completed $500 million raise (plus possible $75 million green‑shoe), and the company is likely to be sitting on well over $1.4 billion in cash, before burn and fees — comfortably funding:

Full Phase 2b program in AD and asthma for KT‑621. ^[37]
Advancement of IRF5 degrader KT‑579 in autoimmune disease. ^[38]
IRAK4 degrader KT‑485 in partnership with Sanofi. ^[39]
The CDK2 molecular glue degrader oncology program with Gilead. ^[40]

From a fundamentals standpoint, the offering looks like a textbook move: raise a ton of money when the story just got dramatically better and the stock just re‑rated upward. The trade‑off is near‑term dilution vs long‑term derisking of funding risk.

Beyond KT‑621: Kymera’s Degrader Pipeline and Big‑Pharma Partnerships

KT‑621 isn’t a one‑off science project; it’s the flagship for a multi‑asset degrader platform.

From Kymera’s pipeline and recent company/analyst updates: ^[41]

1. STAT6 – KT‑621 (wholly owned)

Indications: Atopic dermatitis, asthma, COPD, chronic rhinosinusitis with nasal polyps (CRSwNP), eosinophilic esophagitis (EoE), chronic spontaneous urticaria (CSU), bullous pemphigoid, prurigo nodularis and other Type 2 inflammatory diseases. ^[42]
Development:
- BroADen Phase 1b (AD) just read out with strong efficacy and safety.
- BROADEN2 Phase 2b (AD) already underway; data expected around mid‑2027. ^[43]
- BREADTH Phase 2b (asthma) planned to start in Q1 2026. ^[44]

2. IRF5 – KT‑579 (wholly owned)

IRF5 is a transcription factor involved in Type I interferon and pro‑inflammatory cytokine signaling — long considered “undruggable” with conventional small molecules. ^[45]
KT‑579 is a first‑in‑class oral degrader of IRF5 with strong preclinical data in models of lupus, rheumatoid arthritis, IBD, systemic sclerosis and dermatomyositis. ^[46]

3. IRAK4 – KT‑485 / SAR447971 (partnered with Sanofi)

Sanofi selected KT‑485 (SAR447971) as the next‑generation IRAK4 degrader to advance and dropped KT‑474, the older molecule, after positive preclinical data on KT‑485. ^[47]
Kymera received a $20 million milestone payment and remains eligible for up to $975 million in additional milestones across development and commercialization, plus U.S. profit‑sharing and ex‑U.S. royalties if it opts in later. ^[48]

4. CDK2 Molecular Glue Degrader – Oncology (partnered with Gilead)

In June 2025, Kymera struck an exclusive option and license deal with Gilead around a CDK2‑targeting molecular glue degrader program in oncology. ^[49]
CDK2 is implicated in cyclin E‑driven cancers and resistance to CDK4/6 inhibitors in breast cancer; degrading CDK2 (rather than just inhibiting it) could open up new treatment strategies. ^[50]

Overall, the pipeline is broad, partnered with top‑tier pharmas, and heavily focused on immunology and oncology — but none of these assets is yet approved, and KT‑621 is still early in clinical development.

Financial Snapshot: High Burn, But Heavily Funded

Kymera remains firmly in the “clinical‑stage biotech” bucket: meaningful R&D spend, minimal revenue, and losses by design.

From the Q3 2025 earnings recap: ^[51]

Q3 2025 loss:
- $0.90 per share, wider than the prior‑year $0.82 and wider than the Zacks consensus estimate of a $0.71 loss.
Revenue:
- About $3 million in collaboration revenue, primarily from the Gilead partnership, well below analyst expectations that had assumed more from Sanofi‑related milestones.
R&D:
- Around $74.1 million, up ~23% year‑over‑year, driven by STAT6 (KT‑621) and platform investments.
G&A:
- Roughly $17.3 million, also up year‑over‑year as the company scales.
Cash:
- About $978.7 million in cash, cash equivalents and investments as of September 30, 2025.
- Management guided this would fund operations into the second half of 2028, before the new $500M offering.

Zacks assigns Kymera a Zacks Rank #3 (Hold) with weak quantitative “Value” and “Growth” scores, emphasising that while estimate revisions are trending up, the shares were already not cheap even before the KT‑621 data. ^[52]

With the new equity raise layered on top, Kymera is essentially telling the market: we plan to run these programs hard for years without worrying about cash — but investors now need to justify a much larger market cap.

Forecasts, Valuations and the Risk Profile

Analyst consensus and dispersion

GuruFocus’ compilation of 22 analysts shows an average 12‑month price target around $87.64, with a high of $138 and a low of $65, and an average rating equivalent to “Outperform”. Note that this average will lag the very latest target hikes at the high end. ^[53]
Several firms now cluster KYMR’s fair value in the $110–$130 range, with BTIG at $138 at the top of the pack, heavily weighting KT‑621’s potential. ^[54]

The interesting tension:

Short‑term: After a 40–50% one‑day move and an announced $500M share sale, volatility is off the charts. Some quantitative models (like GuruFocus’ GF Value) still flag downside vs the latest trading price. ^[55]
Medium‑term (2–3 years): The company is now fully funded past multiple key data readouts, notably:
- BROADEN2 Phase 2b AD data by mid‑2027.
- BREADTH Phase 2b asthma study starting in early 2026. ^[56]
Long‑term (5+ years): Actual commercialization will depend on successful Phase 2b/3 programs, regulatory approvals, and real‑world differentiation versus entrenched biologics (Dupixent, JAK inhibitors, and future competitors).

Key upside drivers

KT‑621 as the first widely adopted oral “dupilumab‑class” drug in eczema and potentially asthma and other Type 2 diseases. ^[57]
Platform validation: If STAT6 degradation works, it de‑risks the broader degrader pipeline (IRF5, IRAK4 and oncology glues) in the eyes of both investors and partners. ^[58]
M&A optionality: Several analysts explicitly note that a compelling oral competitor in a biologic‑dominated space could make Kymera a takeover candidate for large immunology players. ^[59]

Key risks

Small, uncontrolled trial: The BroADen Phase 1b trial is tiny and not randomized. Larger, longer, controlled studies could show smaller effect sizes or new safety issues. ^[60]
Biotech volatility & valuation: After the recent spike, the stock is priced for a high probability of success; any delay, safety signal or mediocre Phase 2 data could cause sharp drawdowns. ^[61]
Competition: Dupilumab, JAK inhibitors and other biologics already define the atopic dermatitis landscape, and multiple oral agents are in development by other companies. KT‑621 has to be clearly better on convenience, efficacy, safety, or all three to justify premium pricing and widespread adoption. ^[62]
Regulatory and partner risk: Kymera has already seen one IRAK4 asset (KT‑474) dropped in favor of KT‑485 by Sanofi; partners can always re‑prioritize. ^[63]

Key Milestones to Watch After December 9, 2025

For anyone tracking Kymera Therapeutics stock over the next few years, the main checkpoints are:

Completion and pricing of the $500M+ offering and how the market digests the new share count. ^[64]
Further partner updates from Sanofi (IRAK4 program) and Gilead (CDK2 glue). ^[65]
Enrollment progress and interim commentary for:
- BROADEN2 Phase 2b AD trial (KT‑621).
- BREADTH Phase 2b asthma trial once initiated. ^[66]
KT‑579 (IRF5) clinical progress and first human data, which could open a second major franchise in autoimmune disease. ^[67]
Any regulatory designations (e.g., Fast Track, Breakthrough Therapy) that might accelerate approval paths.

Bottom Line: A Classic High‑Beta Biotech Story, Now Super‑Charged

As of December 9, 2025, Kymera Therapeutics sits at an interesting intersection:

The science case for KT‑621 just went from “promising” to “seriously compelling” based on early human data. ^[68]
The financial case is strengthened by nearly a billion dollars in cash plus a new half‑billion‑dollar raise, supporting an aggressive development plan into the late 2020s. ^[69]
The valuation case is trickier: the stock has already moved sharply, and investors now have to decide whether they believe the Street’s $110–$130+ price‑target cluster or more conservative fair‑value models that imply downside from current levels. ^[70]

For traders, KYMR is likely to remain a high‑beta playground as news on the offering, insider activity and analyst commentary rolls in. For long‑term, fundamentals‑driven investors, everything now hangs on whether KT‑621 can repeat (and extend) its Phase 1b performance in larger, controlled trials — and whether Kymera can turn its degrader platform into multiple approved products, not just a great slide deck.

References

Therapeutics (KYMR) Stock Rockets on KT‑621 Eczema Breakthrough, Then Pauses After $500M Share Offering – 9 December 2025 Update