Kyverna Therapeutics initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Michael Ulz initiated coverage of Kyverna Therapeutics with an Overweight rating and $40 price target. Cell therapy for autoimmune disease is an emerging and increasingly competitive space, which represents a potentially large market opportunity, the analyst tells investors in a research note. The firm believes Kyverna is well positioned given promising early data and potential for differentiation.