Kymera Therapeutics' (KYMR) KT-621 could validate its "oral Dupixent" potential, but with a roughly $13 billion valuation, upside looks limited ahead of the data, RBC Capital Markets said in a note Wednesday.

Kymera's phase IIb KT-621 data in atopic dermatitis are expected by year-end 2026. A placebo-adjusted EASI percentage change from baseline of about 35% and an EASI-75 rate of 35% to 40% would be enough to support the view of KT-621 as an "oral Dupixent," the analysts said.

The analysts added that while they think the drug is more likely than not to succeed, Kymera's roughly $13 billion fully diluted market cap already reflects significant expectations.

Given the $11 billion value set in AbbVie's acquisition of Apogee Therapeutics following positive phase II atopic-dermatitis data, RBC said Kymera's risk-reward setup appears balanced.

The analysts said they would seek a better entry point or further progress before recommending investors add to positions.

RBC has a Sector Perform rating and a $112 price target on Kymera Therapeutics.

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