Analyst Michael Ulz from Morgan Stanley reiterated a Buy rating on Kyverna Therapeutics, Inc. and keeping the price target at $20.00.
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Michael Ulz has given his Buy rating due to a combination of factors that highlight Kyverna Therapeutics’ promising progress in their clinical programs. The company has shown significant advancements in their late-stage neuroimmunology programs, particularly with KYV-101, which is progressing well across multiple indications such as multiple sclerosis, rheumatoid arthritis, and myasthenia gravis. The completion of enrollment for the Phase 2 study in stiff person syndrome (SPS) and the narrowing of the pivotal readout timeline to early 2026 underscore the company’s strategic execution.
Furthermore, Kyverna’s financial stability supports its ongoing research and development efforts, with a strong cash position that extends its runway into 2027. The company’s first-to-market strategy in SPS, despite its modest market size, lays the groundwork for future commercial launches. These elements, combined with the positive interim data from ongoing trials, contribute to the optimistic outlook and support the Buy rating.