Kyverna Therapeutics initiated with a Buy at UBS

UBS initiated coverage of Kyverna Therapeutics with a Buy rating and $13 price target Kyverna shares are down 85% following February’s IPO after a series of clinical data updates from the company and competitors, and while the firm acknowledges long-term durability and safety remain to be validated for the class, current clinical data clearly demonstrated it’s an active therapy across several late-stage and severe autoimmune diseases, and with therapeutic potential, the analyst tells investors in a research note. UBS sees minimum probability of success priced in across KYV-101, KYV-201, and the novel Ingenui-T manufacturing platform, and the risk/reward skewed to the upside.