Kymera's KT-621 Has 'Oral Dupixent' Potential, but Valuation Limits Upside, RBC Says

10:59 AM EDT, 09/02/2026 (MT Newswires) -- Kymera Therapeutics' (KYMR) KT-621 could validate its "oral Dupixent" potential, but with a roughly $13 billion valuation, upside looks limited ahead of the data, RBC Capital Markets said in a note Wednesday. Kymera's phase IIb KT-621 data in atopic dermatitis are expected by year-end 2026. A placebo-adjusted EASI percentage change from baseline of about 35% and an EASI-75 rate of 35% to 40% would be enough to support the view of KT-621 as an "oral Dupixent," the analysts said. The analysts added that while they think the drug is more likely than not to succeed, Kymera's roughly $13 billion fully diluted market cap already reflects significant expectations. Given the $11 billion value set in AbbVie's acquisition of Apogee Therapeutics following positive phase II atopic-dermatitis data, RBC said Kymera's risk-reward setup appears balanced. The analysts said they would seek a better entry point or further progress before recommending investors add to positions. RBC has a Sector Perform rating and a $112 price target on Kymera Therapeutics. Price: 118.65, Change: -0.40, Percent Change: -0.34