Kyverna jumps after cell therapy meets main goal of mid-stage study

Shares of drug developer Kyverna Therapeutics KYTX.O rise 29.3% to over a year high of $13.7

Co says its experimental cell therapy, miv-cel, for the treatment of a rare movement disorder met the main goal in a mid-stage study

Miv-cel, formerly named KYV-101, is being tested in patients with stiff person syndrome, a rare autoimmune disorder that makes muscles rigid and causes painful spasms, often making it hard to walk or move normally

The 26-person study showed the therapy led to sustained improvement in mobility among patients - KYTX

J.P.Morgan says "we believe the market opportunity is attractive, and positions KYTX’s first asset well to move into other adjacent follow-on indications in the near future"

Including session moves, stock has more than doubled YTD