Kyverna Therapeutics: Strategic Advancements and Clinical Progress Drive Buy Rating

Analyst Michael Ulz of Morgan Stanley reiterated a Buy rating on Kyverna Therapeutics, Inc. (KYTX – Research Report), retaining the price target of $20.00.

Michael Ulz has given his Buy rating due to a combination of factors surrounding Kyverna Therapeutics’ strategic advancements and clinical progress. The company’s management is focused on a prioritized strategy that includes significant developments in their KYV-101 program, particularly for autoimmune diseases like stiff person syndrome (SPS), myasthenia gravis (MG), and lupus nephritis (LN). The completion of enrollment in the pivotal Phase 2 SPS trial and the FDA’s approval of the pivotal MG study and planned CMC package are key milestones that contribute to this positive outlook.
Furthermore, Kyverna’s progress in advancing KYV-101 into a Phase 3 trial for MG, backed by a positive end-of-Phase 2 meeting with the FDA, strengthens their position. The interim data from the Phase 2 MG study and Phase 1 lupus nephritis studies are anticipated in the second half of 2025, providing further potential catalysts. Additionally, the company’s financial health, with substantial cash reserves expected to fund operations into 2027, supports the Buy rating as they continue to execute their strategic plans.