After Kyverna data, Oppenheimer says Cartesian ‘can exploit’ CAR-T’s ‘baggage’

Oppenheimer notes that Kyverna Therapeutics (KYTX) reported initial data from its KYSA-1 trial at EULAR and that the stock is down about 33% intraday following the data release, which showed that the first lupus nephritis patient dosed with KYV-101 relapsed about six months post infusion and three of the other five “showed a strange rebound in proteinuria” at about three months out. The firm still believes in CAR-T therapy for autoimmune diseases, but thinks “developers need to throw out the oncology playbook” as it does not think patients will be willing to spend two weeks in the hospital for a treatment that isn’t curative. However, this is “an angle that Cartesian can exploit,” according to Oppenheimer , which notes that Cartesian Therapeutics (RNAC) has efficacy competitive with biologics with more flexible dosing and “without CAR-T’s baggage,” such as preconditioning and hospitalization. The firm, which notes that Descartes-08 data remain on track for mid-year, keeps an Outperform rating and $50 price target on Cartesian shares.