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

Kyverna Therapeutics, Inc. (NASDAQ:KYTX - Get Free Report) was the target of a large growth in short interest in May. As of May 15th, there was short interest totalling 2,580,000 shares, a growth of 20.6% from the April 30th total of 2,140,000 shares. Based on an average daily volume of 307,600 shares, the days-to-cover ratio is currently 8.4 days. Approximately 13.2% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of KYTX. China Universal Asset Management Co. Ltd. acquired a new position in shares of Kyverna Therapeutics during the 4th quarter valued at $34,000. Rhumbline Advisers increased its stake in Kyverna Therapeutics by 31.1% during the 4th quarter. Rhumbline Advisers now owns 25,920 shares of the company's stock valued at $97,000 after purchasing an additional 6,153 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Kyverna Therapeutics by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 169,780 shares of the company's stock valued at $635,000 after purchasing an additional 3,145 shares in the last quarter. Corebridge Financial Inc. increased its stake in Kyverna Therapeutics by 42.3% during the 4th quarter. Corebridge Financial Inc. now owns 12,811 shares of the company's stock valued at $48,000 after purchasing an additional 3,810 shares in the last quarter. Finally, Norges Bank bought a new stake in Kyverna Therapeutics during the 4th quarter valued at $150,000. Institutional investors and hedge funds own 18.08% of the company's stock.

Kyverna Therapeutics Trading Up 15.3%

KYTX traded up $0.45 during trading on Friday, reaching $3.39. 528,572 shares of the company's stock were exchanged, compared to its average volume of 417,622. Kyverna Therapeutics has a one year low of $1.78 and a one year high of $16.64. The stock has a market capitalization of $146.51 million, a PE ratio of -1.00 and a beta of 2.52. The firm has a fifty day moving average price of $2.22 and a two-hundred day moving average price of $3.03.

Kyverna Therapeutics (NASDAQ:KYTX - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($1.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.21) by $0.18. Sell-side analysts expect that Kyverna Therapeutics will post -3.29 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on KYTX. Morgan Stanley dropped their price objective on shares of Kyverna Therapeutics from $40.00 to $20.00 and set an "overweight" rating for the company in a research note on Tuesday, April 1st. HC Wainwright raised shares of Kyverna Therapeutics from a "neutral" rating to a "buy" rating and lifted their price target for the company from $4.00 to $5.00 in a report on Tuesday, May 27th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $18.50.

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.