Analyst Michael Ulz from Morgan Stanley maintained a Buy rating on Kyverna Therapeutics, Inc. (KYTX – Research Report) and decreased the price target to $20.00 from $40.00.
Michael Ulz has given his Buy rating due to a combination of factors related to Kyverna Therapeutics’ strategic advancements and financial position. The company has made significant progress with its lead candidate, KYV-101, particularly in the treatment of stiff person syndrome (SPS). The alignment with the FDA on the Phase 2 trial design for SPS is a critical milestone, with enrollment now at 70% and data expected in the first half of 2026, followed by a Biologics License Application (BLA) filing the same year.
Additionally, Kyverna is advancing KYV-101 in other indications such as myasthenia gravis (MG) and lupus nephritis (LN), with data expected in the second half of 2025. The company’s financial health is also robust, ending the fourth quarter of 2024 with $286 million in cash, which is anticipated to support operations into 2027. These strategic and financial elements underpin the Buy rating, as they suggest a clear path to market and potential for future growth.
In another report released on March 29, UBS also maintained a Buy rating on the stock with a $12.00 price target.