Baker Bros. Advisors reported a buy of 2,005,813 Kymera Therapeutics (KYMR 4.86%) shares in its February 17, 2026, SEC filing, an estimated $135.45 million trade based on quarterly average pricing.
What happened
According to a February 17, 2026 SEC filing, Baker Bros. increased its holding in Kymera Therapeutics (KYMR 4.86%) by 2,005,813 shares. The estimated trade value was $135.45 million, based on the average closing price during the fourth quarter of 2025. The fund’s quarter-end position value in Kymera Therapeutics rose by $297.15 million, a change that includes both trading activity and share price appreciation.
What else to know
- Top holdings after the filing:
- INCY: $3.04 billion (17.8% of AUM)
- ONC: $2.67 billion (15.7% of AUM)
- MDGL: $1.25 billion (7.3% of AUM)
- INSM: $1.15 billion (6.7% of AUM)
- ACAD: $1.15 billion (6.7% of AUM)
- As of February 17, 2026, KYMR shares were priced at $84.84, up 130% over the past year and well outperforming the S&P 500 by 118.13 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2026-02-17) | $84.84 |
| Market Capitalization | $6.70 billion |
| Revenue (TTM) | $43.73 million |
| Net Income (TTM) | ($295.12 million) |
Company snapshot
- Kymera Therapeutics develops small-molecule therapeutics targeting disease-causing proteins, with lead programs addressing immunology-inflammation diseases, hematologic malignancies, and solid tumors.
- The firm operates a research-driven business model leveraging proprietary protein degradation technology.
- It targets biopharmaceutical companies, healthcare providers, and patients affected by autoimmune disorders and cancer.
Kymera Therapeutics, Inc. is a clinical-stage biotechnology company focused on leveraging targeted protein degradation to address serious diseases with high unmet need. The company’s pipeline includes programs in immunology, oncology, and fibrosis, supported by a growing portfolio of proprietary technologies. Strategic emphasis on first-in-class therapies and partnerships with leading industry players position Kymera as an innovator in the protein degradation space.
What this transaction means for investors
It’s not surprising that a fund might lean into this stock. Kymera enters 2026 with what management calls an industry-leading oral immunology pipeline and roughly $1.6 billion in cash, pushing runway into 2029. Meanwhile, KT-621 is already in Phase 2b for atopic dermatitis and asthma, with Fast Track designation from the FDA and early data showing deep STAT6 degradation and biomarker improvements. And KT-579, targeting IRF5, is expected to enter Phase 1 this quarter, with data in the second half of the year. In other words, this is not a single-asset story.
Shares at $84.84 are up 130% over the past year, well ahead of the broader market, and within a portfolio already concentrated in oncology and metabolic biotech leaders measured in the billions, this position sits as a meaningful but not dominant allocation.
Ultimately, long-term investors should watch whether Phase 2b readouts confirm biologics-like efficacy with oral convenience. If the degrader platform delivers consistent clinical validation across indications, the multiple could expand further. If efficacy narrows versus incumbents, enthusiasm may cool quickly.
