Newly public biotech Kyverna Therapeutics may very well be a blockbuster cell remedy developer for autoimmune illness, based on Morgan Stanley. Analyst Michael Ulz initiated analysis protection of the clinical-stage biopharmaceutical firm with an chubby score and $40 worth goal, implying roughly 43% upside from Friday’s shut. Kyverna started buying and selling on Nasdaq on Feb. 8, when it jumped 56% to succeed in a market capitalization of $1.4 billion. The inventory opened at $34.25, above the preliminary public providing worth of $22 per share, and closed Friday at $27.75. The corporate, which develops cell therapies for people with autoimmune illnesses, is at the moment creating its lead product candidate, KYV-101, a CAR T-cell remedy that was initially designed as a next-generation remedy for oncology, however has additionally confirmed to have comparable efficacy and improved tolerability for autoimmunity, based on Ulz. “Cell therapy for autoimmune disease is an emerging and increasingly competitive space, which represents a potentially large market opportunity, and we believe Kyverna is well-positioned given promising early data and potential for differentiation,” the analyst wrote in a Monday observe. Though the information from KYV-101 is restricted, Ulz wrote that he is “highly encouraged given promising results across multiple indications, multiple sites, and in challenging patients.” Kyverna goals to dose 100 sufferers in 2024, he famous, including that he expects a number of updates this yr in regards to the drug’s potential in autoimmune illness. The analyst identified that cell therapies have “meaningfully improved” the remedy of B-cell cancers and that a number of therapies are at the moment authorised, rising the therapies’ potential to deal with autoimmune illnesses. That additionally makes the autoimmune remedy house extra aggressive, nonetheless, Ulz famous. “Demonstrating a favorable product profile (i.e. efficacy and safety) will be key to success, and we believe early data suggest KYV-101 is well-positioned, but more data from Kyverna and others are needed to understand how this dynamic evolves,” Ulz wrote within the observe. “That said, we do see opportunity for differentiation in other areas, such as the selection of different indications (i.e. MS) and improved manufacturing (i.e. Ingenui-T).” Ingenui-T is a next-generation course of in preclinical improvement for manufacturing autologous anti-CD19 CAR T-cell remedy, and makes use of the identical CAR assemble as KYV-101, Kyverna mentioned. Ulz highlighted that Kyverna can be creating a next-generation, off-the-shelf cell remedy, KYV-201, at the moment in preclinical improvement that “could provide further differentiation” to the corporate’s product portfolio.
