Kyverna Therapeutics stock rallies 59% following $319M IPO

Large yellow signboard on metal frame with the word IPO

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Kyverna Therapeutics (NASDAQ:KYTX) stock rallied 59% Thursday afternoon following a $319M initial public offering that priced above its previously proposed range.

Shares of the autoimmune drug developer opened at $34.25 after being priced at $22 per share. The stock recently sold at $35 at around 2:20 p.m. ET after hitting a high of $35.01.

Kyverna offered 14.5M shares priced at $22 per share. Underwriters were granted a 30-day option to buy up to 2.18M shares to cover any overallotments.

JP Morgan, Morgan Stanley, Leerink Partners and Wells Fargo Securities are serving as joint bookrunners. Gilead Sciences (GILD) is a key investor in the company, holding an approximately 8% stake after the IPO, according to a recent filing.

Earlier this week, Kyverna said it was looking to offer 14.5M shares priced between $20 and $21 per share.

Kyverna’s lead program, KYV-101, is a CD19 CAR T-cell therapy licensed from the National Institutes of Health. The product is in Phase 1 testing for lupus nephritis and systemic sclerosis, and in Phase 2 testing for myasthenia gravis and multiple sclerosis.

William Murphy

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