H.C. Wainwright has maintained its Neutral rating and $7.00 price target for Kyverna Therapeutics Inc (NASDAQ: KYTX) following the company's recent presentation at the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) annual meeting.
Despite sharing three posters related to its Phase 2 clinical trials and manufacturing processes, Kyverna did not present new data for its KYV-101 treatment in myasthenia gravis (MG) or multiple sclerosis (MS).
The firm highlighted that the company shared case reports from ongoing clinical trials in stiff-person syndrome (SPS), MG, and MS during a company-sponsored symposium.
However, a detailed analysis is pending as the firm awaits further presentation details. The analyst from H.C. Wainwright noted that while the press release offered interesting highlights, a more thorough evaluation is necessary to draw conclusions.
Looking ahead, a potential catalyst for the stock could be the American College of Rheumatology (ACR) annual conference, where Kyverna is expected to share extended rheumatological data on November 18, 2024.
The firm also anticipates additional data from Kyverna in January 2025, which will encompass a broad dataset across multiple indications. Despite this, the analyst expressed a cautious stance on the efficacy of KYV-101, especially in LN, and its implications for DNA-based CAR-T therapies in the autoimmune setting.
The firm remains skeptical about the potential of a low-dose, one-time DNA-modified CAR-T therapy to produce significant and lasting responses compared to competing modalities, such as mRNA-modified CAR-T therapies.
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