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On Wednesday, H.C. Wainwright adjusted its outlook on Kyverna Therapeutics Inc (NASDAQ:KYTX), reducing the price target from $7.00 to $6.00, while maintaining a Neutral rating on the stock. This decision follows the company's third-quarter financial report, which showed a net loss of $0.80 per share, diverging from the previously estimated loss of $0.68 per share.
The reported research and development (R&D) expenses for Kyverna Therapeutics in the third quarter amounted to $29.2 million, with selling, general and administrative (SG&A) expenses reaching $9.6 million. These figures surpassed H.C. Wainwright's estimates, which were $27.5 million for R&D and $6.2 million for SG&A expenses.
Due to these higher-than-anticipated expenses, H.C. Wainwright has updated its projection for the full-year 2024 net loss to $3.14 per share, an increase from the previously estimated loss of $3.01 per share. Despite the larger projected loss, Kyverna concluded the third quarter with approximately $322 million in cash and cash equivalents.
The firm believes that Kyverna's current financial position should provide the company with enough capital to continue operations into 2026. The revised price target of $6.00 reflects the firm's recalibrated expectations based on the updated operating expense figures and changes in the number of potentially dilutive shares outstanding.
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