Kyverna Soars 23% on Groundbreaking SPS Trial Data: A New Era for Autoimmune CAR-T?

Summary
• Kyverna Therapeutics (KYTX) surges 23.35% to $10.83, hitting a 52-week high of $13.67
• Positive Phase 2 KYSA-8 trial data for miv-cel in stiff person syndrome (SPS) sparks regulatory optimism
• 26-patient trial shows 46% median improvement in mobility and 81% clinically meaningful T25FW gains
• BLA submission for SPS expected in 1H 2026, with webcast today at 8 am ET to detail results

Kyverna’s stock has erupted on the heels of transformative clinical data for its CAR-T therapy miv-cel in SPS, a rare autoimmune disease with no approved treatments. The 23.35% intraday surge reflects investor enthusiasm for the potential of miv-cel to become the first FDA-approved CAR-T therapy for autoimmune indications. With a 52-week high of $13.67 and a 52-week low of $1.78, the stock’s volatility underscores the high-stakes nature of Kyverna’s pipeline and the broader biotech sector’s appetite for innovation.

SPS Trial Success Ignites Biotech Optimism
Kyverna’s meteoric rise stems from the release of topline data from its KYSA-8 Phase 2 trial of miv-cel in stiff person syndrome (SPS). The trial demonstrated statistically significant improvements in mobility, with a 46% median reduction in timed 25-foot walk (T25FW) times and 81% of patients achieving clinically meaningful improvements. All secondary endpoints, including disability scales and stiffness indices, showed robust results. The absence of high-grade cytokine release syndrome (CRS) or immune effector cell-associated neurotoxicity syndrome (ICANS) further bolstered the therapy’s safety profile. These outcomes position miv-cel as a potential first-in-class treatment for SPS, a disease affecting 6,000 U.S. patients with no FDA-approved therapies. The company’s plan to submit a Biologics License Application (BLA) in 1H 2026 has amplified investor optimism, driving the stock’s sharp intraday rally.

Biotech Sector Rally: Kyverna Outpaces AMGN’s 2.08% Gain
While Kyverna’s 23.35% surge dwarfs the biotech sector’s broader performance, Amgen (AMGN), the sector’s leader, rose 2.08% on the day. The disparity highlights Kyverna’s unique positioning in the autoimmune CAR-T space, where miv-cel’s potential to disrupt treatment paradigms for rare diseases like SPS generates outsized investor interest. Unlike AMGN’s diversified biologics portfolio, Kyverna’s focus on autologous CAR-T therapies for B-cell-driven autoimmune diseases creates a high-risk, high-reward profile. The sector’s mixed performance underscores the market’s willingness to reward breakthroughs in niche therapeutic areas, even as larger players like AMGN see more modest gains.

Options Playbook: Leveraging Kyverna’s Volatility with Strategic Contracts
• MACD: 0.379 (bullish divergence), Signal Line: 0.272, Histogram: 0.107 (momentum acceleration)
• RSI: 67.14 (neutral to overbought), Bollinger Bands: Upper $8.79, Middle $7.62, Lower $6.46 (price above upper band)
• 200D MA: $4.16 (far below current price), 30D MA: $7.35 (support level)

Kyverna’s technicals paint a bullish picture, with MACD divergence and RSI neutrality suggesting continued upward momentum. The stock’s price of $10.83, well above its 200-day average of $4.16, indicates strong short-term conviction. Key support levels at $6.46 (lower Bollinger Band) and $7.35 (30D MA) could act as psychological barriers if the rally falters. Given the 81.2% turnover rate and 23.35% intraday gain, aggressive options strategies may capitalize on near-term volatility.

Top Options Contracts:
• KYTX20260116C10 (Call, $10 strike, Jan 16 2026):
- IV: 62.13% (moderate volatility), Leverage Ratio: 7.63%, Delta: 0.743 (high sensitivity), Theta: -0.0187 (moderate time decay), Gamma: 0.156 (high sensitivity to price changes), Turnover: 43,777
- Payoff: At a 5% upside ($11.37), payoff = max(0, 11.37 - 10) = $1.37. This contract offers high leverage and liquidity, ideal for riding the momentum.
• KYTX20260116P10 (Put, $10 strike, Jan 16 2026):
- IV: 109.20% (elevated volatility), Leverage Ratio: 12.43%, Delta: -0.315 (moderate sensitivity), Theta: -0.0140 (moderate decay), Gamma: 0.0978 (moderate sensitivity), Turnover: 655
- Payoff: At a 5% upside, payoff = max(0, 10 - 11.37) = $0. This put is a hedge against a potential pullback, given the stock’s elevated RSI and Bollinger Band positioning.

Actionable Insight: Aggressive bulls should prioritize KYTX20260116C10 for a leveraged bet on continued momentum, while cautious investors may use KYTX20260116P10 to protect against a reversal. If $10.83 holds above $7.35 (30D MA), the stock could test its 52-week high of $13.67.

Backtest Kyverna Stock Performance
The backtest of the Kentucky State University (KYTX) performance following a 23% intraday increase from 2022 to the present reveals mixed results. While the ETF experienced a maximum return of -0.43% over a 30-day period, with a 3-day win rate of 43.41% and a 10-day win rate of 42.93%, the overall trend was negative, with a 3-day return of -0.44% and a 10-day return of -1.98%. This suggests that while there were brief periods of positive performance, the overall trajectory was one of decline.

Kyverna’s SPS Breakthrough: A Catalyst for Long-Term Gains
Kyverna’s 23.35% surge is not merely a short-term rally but a validation of its potential to redefine autoimmune disease treatment with miv-cel. The KYSA-8 trial’s success in SPS—a disease with no FDA-approved therapies—positions the company to capture a significant share of the $10B+ autoimmune CAR-T market. With a BLA submission on track for 1H 2026 and a webcast today to detail results, the stock’s trajectory hinges on maintaining its technical strength and regulatory progress. Investors should monitor the $10.83 level for a breakout above $13.67 (52-week high) or a breakdown below $7.35 (30D MA). Meanwhile, Amgen’s 2.08% gain as the sector leader underscores the broader biotech rally, but Kyverna’s niche innovation offers a higher-risk, higher-reward proposition. Act now: Buy KYTX20260116C10 for a leveraged play on continued momentum, or short-term hedges with KYTX20260116P10 if volatility spikes.