Kyverna Therapeutics price target lowered to $20 from $40 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Kyverna Therapeutics (KYTX) to $20 from $40 and keeps an Overweight rating on the shares. In January, the company announced a sharpened focus on a prioritized set of opportunities for KYV-101 for autoimmune disease, which included a first to market strategy in stiff person syndrome, notes the analyst. While stating that SPS “represents a modest market operantly,” the firm adds that it provides a foundation for additional launches and “we are encouraged by continued progress” after Kyverna reported Q4 financials and provided a corporate update.