** RBC Capital Markets downgrades Kymera Therapeutics KYMR.O to "sector perform" from "outperform," while raising its price target to $115 from $106

** RBC says Kymera's KT-621, an experimental once-daily pill for moderate to severe eosinophilic asthma, has shown clear internal/external consistency across clinical endpoints and biomarkers that strongly suggest it can be an "oral Dupixent"

** Dupixent is Sanofi's SASY.PA top-selling medicine, which it markets with partner Regeneron REGN.O

** RBC adds "we believe they could be an M&A target - perceptions around which could amplify potential upside"

** The new price target represents a 3.6% downside to the stock's last close; RBC says PT raise reflects accelerated timelines

** Brokerage says the stock's 164% gain over the past year and its roughly $12 billion market capitalization have made the risk-reward profile more balanced

** "We believe for a company at this stage, one would need to have confidence in 30-40% additional probability-weighted upside to justify putting new money in, so we are downgrading to sector perform" - RBC

** Twenty one of 23 brokerages rate the stock "buy" or higher, 2 "hold"; their median PT is $122.5 - LSEG data

** Up to last close, stock is up 53.4% YTD