Short Interest in Kyverna Therapeutics, Inc. (NASDAQ:KYTX) Drops By 8.5%

Kyverna Therapeutics, Inc. (NASDAQ:KYTX) saw a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 2,680,000 shares, a decline of 8.5% from the August 15th total of 2,930,000 shares. Approximately 15.2% of the company’s stock are sold short. Based on an average trading volume of 605,900 shares, the days-to-cover ratio is currently 4.4 days.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. HC Wainwright decreased their price objective on shares of Kyverna Therapeutics from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. JPMorgan Chase & Co. decreased their price target on Kyverna Therapeutics from $39.00 to $33.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Kyverna Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $34.40.

Institutional Investors Weigh In On Kyverna Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in KYTX. DekaBank Deutsche Girozentrale acquired a new position in Kyverna Therapeutics in the first quarter valued at $181,000. Teachers Retirement System of The State of Kentucky acquired a new position in Kyverna Therapeutics in the 1st quarter valued at about $313,000. Federated Hermes Inc. purchased a new stake in Kyverna Therapeutics during the 2nd quarter valued at approximately $120,000. Rhumbline Advisers acquired a new stake in Kyverna Therapeutics during the 2nd quarter worth approximately $150,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its position in Kyverna Therapeutics by 55.8% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 26,195 shares of the company’s stock worth $196,000 after acquiring an additional 9,385 shares during the period. Hedge funds and other institutional investors own 18.08% of the company’s stock.

Kyverna Therapeutics Trading Down 3.3 %

Shares of NASDAQ KYTX traded down $0.23 during mid-day trading on Tuesday, reaching $6.66. The company had a trading volume of 406,605 shares, compared to its average volume of 487,799. Kyverna Therapeutics has a 52-week low of $6.30 and a 52-week high of $35.06. The firm has a 50 day simple moving average of $8.06 and a two-hundred day simple moving average of $13.97.

Kyverna Therapeutics (NASDAQ:KYTX) last posted its earnings results on Monday, August 12th. The company reported ($0.67) EPS for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.03. On average, sell-side analysts expect that Kyverna Therapeutics will post -3.38 earnings per share for the current fiscal year.

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.