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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.