Kyverna Therapeutics

KYTX · NASDAQ

$6.04+$0.21 (+3.60%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $5.83

KYTX analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $31.36 (+419.3% upside)

Low: $25.25
Now: $6.04
High: $34.65

Upgrades and downgrades

The latest rating actions, newest first

KYTX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Jun 3, 2026	Maintains	Buy	$25.00	32%
HC Wainwright & Co.	May 15, 2026	Maintains	Buy	$20.00 → $25.00	32%
JP Morgan	May 13, 2026	Maintains	Overweight	$30.00 → $29.00	40%
HC Wainwright & Co.	Apr 23, 2026	Maintains	Buy	$20.00	32%
Wells Fargo	Dec 16, 2025	Maintains	Overweight	$31.00 → $33.00	54%
Morgan Stanley	Dec 4, 2025	Maintains	Overweight	$20.00 → $25.00	43%
Wells Fargo	Oct 30, 2025	Maintains	Overweight	$27.00 → $31.00	54%
HC Wainwright & Co.	Oct 27, 2025	Maintains	Buy	$10.00 → $20.00	32%

The case for and against

Updated Oct 18, 2026

Bull case

Kyverna Therapeutics is viewed positively because its updated Phase 1 COMPARE data in treatment-refractory RA show early but compelling autoimmune activity, including 66.6% ACR70 response by Week 36, falling autoantibodies for up to 52 weeks, and no high-grade CRS or ICANS. The company’s lead program also appears to have a clearer regulatory and commercial path in SPS, where FDA alignment supports a single-arm filing, rolling BLA submission is expected to be completed in 4Q26, and KYSA-8 delivered a 46% median T25FW improvement at Week 16 with 81% achieving clinically meaningful gains. With a 70% probability of approval, about $800M in peak sales, dual-source U.S. manufacturing, and reported >98% manufacturing success, the thesis is supported by both clinical momentum and scalable margin potential.

Bear case

Kyverna Therapeutics is a high-risk clinical-stage biopharmaceutical company whose valuation depends on unproven cell-therapy assets and limited near-term clinical visibility, making the outlook fundamentally negative. The company’s discounted cash flow framework relies on a 13% discount rate and a 1% terminal growth rate to support an enterprise value of about $2B, but that estimate is heavily dependent on probability-weighted approvals of only KYV-101 in LN, MG, and SPS. The key risks are weak or non-durable responses in current data, potential failure to generate positive SPS results or approval, and long-term dilution risk, while other indications are excluded from the model until more data emerge.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.