Analyst Michael Ulz of Morgan Stanley maintained a Buy rating on Kyverna Therapeutics, Inc., retaining the price target of $20.00.
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Michael Ulz’s rating is based on Kyverna Therapeutics’ promising advancements in their late-stage neuroimmunology programs, particularly with KYV-101. The company has completed enrollment for their Phase 2 study in stiff person syndrome (SPS), and the trial is on track for data release and a subsequent Biologics License Application (BLA) filing in the first half of 2026. This positions Kyverna as a potential first-to-market leader, establishing a commercial infrastructure for future launches.
Additionally, Kyverna’s progress in their myasthenia gravis (MG) program, with plans to initiate a Phase 3 trial by the end of 2025, further supports the Buy rating. The company’s earlier-stage programs, including studies in lupus nephritis, multiple sclerosis, and rheumatoid arthritis, are also advancing, with data expected to be shared in upcoming conferences. These developments, alongside a solid financial position with $211.7 million in cash, provide a strong foundation for future growth and justify the optimistic outlook.