Kymera Therapeutics (KYMR) shares were in focus after the company outlined its 2026 preclinical and clinical milestones, highlighting the progress of KT-621 and upcoming partnered IRAK4 degrader work with Sanofi and Gilead.

At a share price of $70.74, Kymera’s 1-day share price return of 3.82% contrasted with a 30-day share price decline of 16.14%, while the 1-year total shareholder return of 60.30% and 3-year total shareholder return of 92.39% point to momentum that has built over a longer stretch.

If Kymera’s recent trial progress has your attention, it could be a good moment to widen your watchlist with other healthcare stocks that are moving on clinical and regulatory updates.

With Kymera trading at US$70.74 against an average analyst price target of US$116.76, a discount of about 65%, you have to ask whether the market is overlooking its pipeline progress or already factoring in future growth.

Price to Book of 6x: Is it justified?

On a P/B of 6x, Kymera trades below its peer average valuation but higher than the broader US biotech industry, which sends a mixed signal for investors.

The P/B ratio compares the company’s market value to its book value, and is often used for early stage or loss making biotech names where earnings-based metrics are less useful. For Kymera, this framing matters because the company is still unprofitable and traditional P/E metrics do not apply.

Relative to similar companies, Kymera screens as good value on P/B at 6x versus a peer average of 13.3x. This suggests the market is assigning a lower valuation to its balance sheet than that group. At the same time, the same 6x P/B looks expensive compared to the wider US biotech industry average of 2.6x, which implies investors are still paying a premium versus the sector overall despite ongoing losses.

Result: Price to book of 6x (ABOUT RIGHT)

However, you still have to weigh clinical trial uncertainty and Kymera’s US$295.122 million net loss, which could pressure sentiment if timelines slip or funding needs increase.

Build Your Own Kymera Therapeutics Narrative

If you see the numbers differently or prefer to piece together your own view from the data, you can build a tailored Kymera story in just a few minutes, starting with Do it your way.

A great starting point for your Kymera Therapeutics research is our analysis highlighting 2 key rewards and 4 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.