Kyverna Therapeutics tumbles on deep-discounted $100 mln stock deal

Kyverna Therapeutics' KYTX.O shares down 29.1% premarket at $7.27 after $100 mln follow-on prices

Emeryville, California-based KYTX announces 13.3 mln shares at $7.50, which represents a 26.8% to stock's last close

KYTX stock surged 23% to $10.82 on Mon after co early that day said its experimental cell therapy, miv-cel, for treatment of a rare movement disorder met the main goal in a mid-stage study

Stock fell >5% on Tues in wake of co late Mon unveiling the offering

It intends to use net offering proceeds for general purposes, including funding R&D, capex, working capital and general and administrative expenses, according to offering prospectus

Co has ~43.8 mln shares outstanding

J.P. Morgan, Leerink, Morgan Stanley and Wells Fargo are joint bookrunners for offering

Through Tues close, stock up ~174% YTD

KYTX went public after Feb 2024 IPO priced at $22

All 6 analysts are bullish and their median PT is $30, per LSEG data