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

Shares of Kyverna Therapeutics, Inc. (NASDAQ:KYTX) 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) 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.