On Wednesday, H.C. Wainwright adjusted its outlook on Kyverna Therapeutics Inc (NASDAQ:KYTX), dropping the price target to $6 from the previous $7 while maintaining a Neutral rating on the stock. The revision follows the release of the company's third-quarter financials for 2024, which revealed a net loss of $0.80 per share, deeper than the anticipated $0.68 per share.
Kyverna Therapeutics reported higher than expected research and development (R&D) and selling, general and administrative (SG&A) expenses for the quarter. The R&D expenses amounted to $29.2 million, surpassing the estimated $27.5 million, while SG&A expenses reached $9.6 million, also exceeding the forecast of $6.2 million.
As a result of the reported financials, H.C. Wainwright has adjusted its projections for Kyverna Therapeutics' full-year 2024 net loss to $3.14 per share, a slight increase from the previously estimated $3.01 per share. Despite the wider net loss, Kyverna ended the quarter with a strong cash position, holding approximately $322 million in cash and cash equivalents.
The firm anticipates that Kyverna's current cash reserves should sustain the company's operations into 2026. The adjustment in the price target to $6 reflects the updated operating expense expectations and a revised outlook on the potential change in the number of shares outstanding.
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