Shares of Kymera Therapeutics, Inc. (NASDAQ: KYMR) plummeted 6.13% on October 31, 2024, following the company's third-quarter financial results and a strategic shift in its business focus.
The biopharmaceutical company reported quarterly revenue of $3.74 million, missing analyst consensus estimates of $10.36 million by a significant 63.9%. This represented a 20.9% year-over-year decline, sending the stock into a tailspin as investors reacted to the disappointing top-line performance.
While Kymera beat earnings estimates, reporting a loss of $0.82 per share compared to the expected $0.84, the company's strategic pivot also weighed on investor sentiment. Kymera unveiled plans to shift its focus and resources from oncology to its expanding immunology pipeline, stating that it would only advance its two oncology candidates, KT-333 (STAT3) and KT-253 (MDM2), beyond Phase 1 with a partner. The company also selected a new immunology candidate, KT-295, a TYK2 degrader, to advance into a Phase 1 clinical trial in the first half of 2025.
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