Kyverna Therapeutics, Inc. (NASDAQ:KYTX) Short Interest Up 9.7% in October

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

Kyverna Therapeutics Stock Down 0.6 %

Shares of NASDAQ:KYTX traded down $0.03 during trading on Wednesday, reaching $5.32. The company's stock had a trading volume of 202,811 shares, compared to its average volume of 471,628. Kyverna Therapeutics has a 12 month low of $4.40 and a 12 month high of $35.06. The firm's 50 day simple moving average is $6.19 and its two-hundred day simple moving average is $9.63.

Kyverna Therapeutics (NASDAQ:KYTX - Get Free Report) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.67) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.03. As a group, equities research analysts predict that Kyverna Therapeutics will post -3.38 earnings per share for the current year.

Hedge Funds Weigh In On Kyverna Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD purchased a new position in shares of Kyverna Therapeutics during the first quarter valued at approximately $23,093,000. Novo Holdings A S increased its stake in Kyverna Therapeutics by 150.0% in the second quarter. Novo Holdings A S now owns 1,750,000 shares of the company's stock worth $13,125,000 after purchasing an additional 1,050,000 shares during the period. Jennison Associates LLC bought a new stake in shares of Kyverna Therapeutics during the first quarter worth $34,743,000. Great Point Partners LLC boosted its stake in shares of Kyverna Therapeutics by 232.8% during the second quarter. Great Point Partners LLC now owns 499,152 shares of the company's stock valued at $3,744,000 after purchasing an additional 349,152 shares during the period. Finally, E Fund Management Co. Ltd. purchased a new stake in shares of Kyverna Therapeutics during the second quarter valued at $1,421,000. 18.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Kyverna Therapeutics from $39.00 to $33.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 31st. RODMAN&RENSHAW upgraded Kyverna Therapeutics to a "strong-buy" rating in a research report on Wednesday, October 9th. UBS Group started coverage on shares of Kyverna Therapeutics in a report on Thursday, October 10th. They set a "buy" rating and a $13.00 price objective for the company. Rodman & Renshaw assumed coverage on shares of Kyverna Therapeutics in a report on Wednesday, October 9th. They issued a "buy" rating and a $16.00 target price on the stock. Finally, HC Wainwright reaffirmed a "neutral" rating and set a $7.00 target price on shares of Kyverna Therapeutics in a research note on Thursday, September 19th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Kyverna Therapeutics has a consensus rating of "Buy" and a consensus price target of $28.71.

About Kyverna Therapeutics

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.