Kyverna Therapeutics (NASDAQ:KYTX) Stock Price Down 8.9%

Shares of Kyverna Therapeutics, Inc. (NASDAQ:KYTX - Get Free Report) dropped 8.9% during trading on Wednesday . The stock traded as low as $12.42 and last traded at $12.43. Approximately 291,849 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 403,098 shares. The stock had previously closed at $13.65.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on KYTX shares. Wells Fargo & Company assumed coverage on shares of Kyverna Therapeutics in a research report on Monday, March 4th. They issued an "overweight" rating and a $44.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on shares of Kyverna Therapeutics in a research note on Monday, March 4th. They issued an "overweight" rating and a $39.00 price objective for the company. Leerink Partnrs restated an "outperform" rating on shares of Kyverna Therapeutics in a research report on Monday, March 4th. SVB Leerink initiated coverage on Kyverna Therapeutics in a research report on Monday, March 4th. They issued an "outperform" rating and a $48.00 price target for the company. Finally, Morgan Stanley began coverage on Kyverna Therapeutics in a report on Monday, March 4th. They set an "overweight" rating and a $40.00 price objective on the stock. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $42.75.

Kyverna Therapeutics Stock Performance

The company has a fifty day simple moving average of $23.05.

Insider Transactions at Kyverna Therapeutics

In other Kyverna Therapeutics news, major shareholder Northpond Ventures Iii Gp, Llc purchased 450,000 shares of Kyverna Therapeutics stock in a transaction on Monday, February 12th. The shares were acquired at an average cost of $22.00 per share, for a total transaction of $9,900,000.00. Following the completion of the transaction, the insider now directly owns 450,000 shares of the company's stock, valued at $9,900,000. The purchase was disclosed in a filing with the SEC, which is available at this link.

Institutional Investors Weigh In On Kyverna Therapeutics

An institutional investor recently bought a new position in Kyverna Therapeutics stock. Jennison Associates LLC bought a new position in Kyverna Therapeutics, Inc. (NASDAQ:KYTX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,398,659 shares of the company's stock, valued at approximately $34,743,000. Jennison Associates LLC owned 3.24% of Kyverna Therapeutics as of its most recent SEC filing. Institutional investors and hedge funds own 18.08% of the company's stock.

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.

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