Barclays has identified several standout opportunities in the Oncology and Inflammation & Immunology (I&I) space, spotlighting companies advancing innovative protein degradation platforms and targeted therapies. These stocks are seen as attractive based on upcoming catalysts, clinical results, and current market valuations.
1. Kymera Therapeutics (NASDAQ:KYMR)
Barclays initiated coverage of KYMR with an Overweight rating and a $60 price target, highlighting the promising early clinical data for KT-621, a STAT6 degrader under development for I&I indications. There is strong market demand for oral I&I therapies with meaningful clinical outcomes. Several industry partnerships, including Sanofi/Nurix, Gilead/Leo Pharma, and Kaken/Johnson & Johnson, underscore interest in STAT6 degraders. Barclays anticipates significant upside as KT-621 proof-of-concept data is expected in Q4 2025.
Kymera reported $11.5 million in revenue for Q2 2025, with a loss per share of $0.95, falling short of analyst estimates. The company received price target increases from H.C. Wainwright and Wolfe Research.
2. Janux Therapeutics (NASDAQ:JANX)
Barclays gave JANX an Overweight rating with a $47 price target, citing encouraging clinical data in metastatic castration-resistant prostate cancer (mCRPC). JANX007 has shown progression-free survival and PSA reductions that compete with late-line mCRPC therapies and standard-of-care treatments. Barclays believes JANX is undervalued given the observed data and the prostate cancer market opportunity.
Recently, Janux announced the departure of its Chief Strategy Officer and received Buy ratings from Truist Securities, Stifel, and Guggenheim.
3. Arvinas (NASDAQ:ARVN)
Barclays initiated coverage of ARVN with an Overweight rating and a $16 price target. Despite Phase 3 vepdegestrant data in breast cancer missing expectations, ARVN trades below its cash balance. Barclays emphasizes the importance of target selection for protein degradation platforms and sees potential in Arvinas’ early-stage oncology and neurology programs.
Arvinas and partner Pfizer plan to out-license commercial and development rights for vepdegestrant. Following the announcement, several firms, including Barclays and Stephens, adjusted their price targets downward.
4. C4 Therapeutics (NASDAQ:CCCC)
C4 Therapeutics was launched with an Overweight rating and an $8 price target. The company is developing small-molecule protein degraders for various cancers. Its lead asset, cemsidomide (CFT7455), is an IKZF1/3 degrader for multiple myeloma and non-Hodgkin lymphoma. Early Phase 1 data has been encouraging, with updated multiple myeloma results expected September 17-20 and NHL data in Q4 2025.
Barclays notes that cemsidomide could become best-in-class in a category where first-generation degrader Revlimid achieved peak sales of $12.9 billion. Stephens upgraded C4 to Overweight, and Guggenheim initiated coverage with a Buy rating.
5. CytomX Therapeutics (NASDAQ:CTMX)
Barclays started coverage of CTMX with an Overweight rating and a $3.50 price target, citing a favorable risk-reward profile for its lead program, CX-2051 (an EpCAM Probody drug conjugate). The company released encouraging interim results from its dose-escalation study in advanced colorectal cancer, with updates expected in Q1 2026.
With a cash runway through Q2 2027, CytomX has financial flexibility for upcoming catalysts. Barclays assigns a $1 per share value to CX-2051. The company reported revenue declines and an earnings miss for Q2 2025, along with a safety update noting a Grade 5 treatment-related adverse event in one patient.
Barclays also highlighted additional Overweight-rated names in the sector, including MacroGenics, Merus, Protagonist Therapeutics, Scholar Rock, and Terns Pharmaceuticals.
Kymera Therapeutics stock price
Janux Therapeutics stock price
CytomX Therapeutics stock price
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