Why Kymera Therapeutics Stock Is Getting Hammered Today

Shares of Kymera Therapeutics (NASDAQ: KYMR), a clinical-stage biopharmaceutical company, are tumbling in response to its latest quarterly update.

Kymera said it is updating a clinical trial testing the company's lead candidate, which will cause the study to last longer than expected, and disappointed investors pushed the stock down 24.6% as of 11:24 a.m. ET on Tuesday.

Kymera Therapeutics reported first-quarter 2022 results this morning. As a pre-commercial business without any products to sell, all eyes were on the company's lead candidate, an IRAK4 degrader called KT-474. Investors began the morning with a bad taste in their mouth for KT-474 because Pfizer recently discontinued the development of a candidate that works along the same lines after advancing it into phase 2 testing.

Source Fool.com