Kyverna Therapeutics, Inc. (NASDAQ:KYTX) Sees Large Growth in Short Interest

Kyverna Therapeutics, Inc. (NASDAQ:KYTX) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 2,490,000 shares, an increase of 9.7% from the September 30th total of 2,270,000 shares. Based on an average daily trading volume, of 404,600 shares, the days-to-cover ratio is currently 6.2 days. Currently, 14.1% of the company’s shares are short sold.

Institutional Trading of Kyverna Therapeutics

A number of institutional investors have recently added to or reduced their stakes in KYTX. Novo Holdings A S increased its stake in shares of Kyverna Therapeutics by 5.7% during the 3rd quarter. Novo Holdings A S now owns 1,850,000 shares of the company’s stock worth $9,046,000 after purchasing an additional 100,000 shares during the last quarter. Creative Planning acquired a new position in Kyverna Therapeutics during the third quarter worth $54,000. Teachers Retirement System of The State of Kentucky raised its holdings in Kyverna Therapeutics by 69.7% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 21,410 shares of the company’s stock valued at $161,000 after buying an additional 8,796 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Kyverna Therapeutics by 32.6% during the second quarter. The Manufacturers Life Insurance Company now owns 37,794 shares of the company’s stock valued at $283,000 after buying an additional 9,300 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Kyverna Therapeutics by 32.8% in the second quarter. Millennium Management LLC now owns 923,082 shares of the company’s stock worth $6,923,000 after buying an additional 227,988 shares during the last quarter. 18.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. RODMAN&RENSHAW upgraded shares of Kyverna Therapeutics to a “strong-buy” rating in a research report on Wednesday, October 9th. HC Wainwright reiterated a “neutral” rating and set a $7.00 price target on shares of Kyverna Therapeutics in a report on Thursday, September 19th. Rodman & Renshaw initiated coverage on Kyverna Therapeutics in a research report on Wednesday, October 9th. They set a “buy” rating and a $16.00 price target on the stock. UBS Group started coverage on Kyverna Therapeutics in a research report on Thursday, October 10th. They set a “buy” rating and a $13.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on Kyverna Therapeutics from $39.00 to $33.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $28.71.

Kyverna Therapeutics Stock Performance

Shares of NASDAQ KYTX opened at $4.78 on Friday. Kyverna Therapeutics has a one year low of $4.40 and a one year high of $35.06. The business’s 50-day moving average price is $6.13 and its two-hundred day moving average price is $9.60.

Kyverna Therapeutics (NASDAQ:KYTX) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.67) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.03. On average, sell-side analysts predict that Kyverna Therapeutics will post -3.38 EPS for the current year.

Kyverna Therapeutics Company Profile

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.