Kyverna Therapeutics (NASDAQ:KYTX) Announces Quarterly Earnings Results

Key Points

• Kyverna Therapeutics reported an earnings per share (EPS) of ($0.97), exceeding expectations by $0.03 against the consensus estimate of ($1.00).
• Despite the earnings beat, the company's stock traded down to $3.02 following the release, with shares having a market cap of $130.52 million and a 52-week range of $1.78 to $8.78.
• Analysts have upgraded Kyverna from a "neutral" to a "buy" rating, with a new price target raised from $4.00 to $5.00.

Kyverna Therapeutics (NASDAQ:KYTX - Get Free Report) issued its earnings results on Tuesday. The company reported ($0.97) EPS for the quarter, topping analysts' consensus estimates of ($1.00) by $0.03, Zacks reports.

Kyverna Therapeutics Stock Down 0.8%

Shares of NASDAQ KYTX traded down $0.03 during midday trading on Friday, reaching $3.51. 284,589 shares of the company's stock traded hands, compared to its average volume of 232,469. The stock's 50 day simple moving average is $3.44 and its 200-day simple moving average is $2.79. Kyverna Therapeutics has a one year low of $1.78 and a one year high of $8.78. The company has a market cap of $151.81 million, a price-to-earnings ratio of -0.95 and a beta of 3.05.

Hedge Funds Weigh In On Kyverna Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of KYTX. Jane Street Group LLC bought a new position in shares of Kyverna Therapeutics during the second quarter valued at approximately $269,000. The Manufacturers Life Insurance Company boosted its stake in shares of Kyverna Therapeutics by 206.5% during the second quarter. The Manufacturers Life Insurance Company now owns 118,297 shares of the company's stock valued at $363,000 after purchasing an additional 79,695 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of Kyverna Therapeutics during the first quarter valued at approximately $137,000. Marshall Wace LLP boosted its stake in shares of Kyverna Therapeutics by 152.7% during the second quarter. Marshall Wace LLP now owns 62,057 shares of the company's stock valued at $191,000 after purchasing an additional 37,496 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Kyverna Therapeutics during the second quarter valued at approximately $107,000. 18.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright raised shares of Kyverna Therapeutics from a "neutral" rating to a "buy" rating and raised their target price for the stock from $4.00 to $5.00 in a research report on Tuesday, May 27th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $15.60.

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.