Kyverna Therapeutics, Inc. (NASDAQ:KYTX) Short Interest Up 9.7% in October

Kyverna Therapeutics, Inc. (NASDAQ:KYTX) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 2,490,000 shares, a growth of 9.7% from the September 30th total of 2,270,000 shares. Based on an average daily volume of 404,600 shares, the days-to-cover ratio is currently 6.2 days. Approximately 14.1% of the shares of the stock are sold short.

Kyverna Therapeutics Stock Down 10.2 %

NASDAQ KYTX traded down $0.54 on Thursday, reaching $4.78. The stock had a trading volume of 253,530 shares, compared to its average volume of 470,443. Kyverna Therapeutics has a 12-month low of $4.40 and a 12-month high of $35.06. The stock has a fifty day moving average price of $6.13 and a two-hundred day moving average price of $9.60.

Kyverna Therapeutics (NASDAQ:KYTX) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.67) EPS for the quarter, topping the consensus estimate of ($0.70) by $0.03. Research analysts predict that Kyverna Therapeutics will post -3.38 EPS for the current year.

Hedge Funds Weigh In On Kyverna Therapeutics

Several institutional investors have recently modified their holdings of KYTX. Jennison Associates LLC acquired a new position in shares of Kyverna Therapeutics in the first quarter worth $34,743,000. Vanguard Group Inc. acquired a new position in shares of Kyverna Therapeutics during the first quarter worth $6,563,000. StemPoint Capital LP acquired a new position in shares of Kyverna Therapeutics during the first quarter worth $1,018,000. Avoro Capital Advisors LLC acquired a new position in shares of Kyverna Therapeutics during the first quarter worth $11,799,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in shares of Kyverna Therapeutics during the first quarter worth $23,093,000. Institutional investors and hedge funds own 18.08% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on KYTX. JPMorgan Chase & Co. decreased their target price on shares of Kyverna Therapeutics from $39.00 to $33.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. UBS Group initiated coverage on shares of Kyverna Therapeutics in a research report on Thursday, October 10th. They set a “buy” rating and a $13.00 price target on the stock. HC Wainwright reaffirmed a “neutral” rating and set a $7.00 price target on shares of Kyverna Therapeutics in a research report on Thursday, September 19th. Rodman & Renshaw initiated coverage on shares of Kyverna Therapeutics in a research report on Wednesday, October 9th. They set a “buy” rating and a $16.00 price target on the stock. Finally, RODMAN&RENSHAW raised shares of Kyverna Therapeutics to a “strong-buy” rating in a research report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $28.71.

About Kyverna Therapeutics

Kyverna Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing cell therapies for patients suffering from autoimmune diseases. Its lead product candidate is KYV-101, an autologous CD19 CAR T-cell product candidate for the treatment of patients with lupus nephritis and systemic sclerosis that is in Phase I clinical trial; and for myasthenia gravis and multiple sclerosis that is in Phase II clinical trial.