Kyverna (KYTX) Surges 25.6% on Groundbreaking SPS Trial Success: A New Era for Autoimmune CAR-T?

Summary
• Kyverna Therapeutics (KYTX) shares surged 25.6% intraday, hitting a 52-week high of $13.67.
• Positive topline data from the KYSA-8 trial of miv-cel in stiff person syndrome (SPS) triggered the rally.
• The company plans to submit a BLA to the FDA in 1H 2026, positioning miv-cel as the first FDA-approved CAR-T therapy for autoimmune diseases.

Kyverna’s stock has surged on historic trial results for its CAR-T therapy in SPS, a rare autoimmune disorder with no approved treatments. The 25.6% intraday gain reflects investor optimism over the potential of miv-cel to redefine treatment paradigms. With a 52-week high reached and a dynamic technical profile, the stock’s momentum underscores the significance of this breakthrough in neuroimmunology.

SPS Trial Success Ignites Kyverna's Bullish Surge
Kyverna’s 25.6% intraday rally was driven by landmark topline data from its KYSA-8 trial of miv-cel in stiff person syndrome (SPS). The therapy achieved statistically significant improvements in mobility, disability, and stiffness, with 81% of patients exceeding a 20% improvement in the 25-foot walk test. Notably, 67% of patients who previously required walking aids no longer needed assistance post-treatment. The absence of high-grade cytokine release syndrome (CRS) or neurotoxicity further bolstered confidence. These results position miv-cel as a potential first-in-class therapy for SPS, a $1.5B+ market opportunity, and validate Kyverna’s leadership in autoimmune CAR-T innovation.

Biotech Sector Trails as Kyverna Outperforms on SPS Breakthrough
While the broader biotech sector saw mixed performance, Kyverna’s 25.6% surge far outpaced Amgen (AMGN), the sector leader, which rose 0.96%. The disparity highlights Kyverna’s unique positioning in the high-growth autoimmune CAR-T niche. Unlike Amgen’s diversified biologics portfolio, Kyverna’s focus on curative cell therapies for rare diseases has created a high-conviction trade, particularly as miv-cel advances toward a 2026 BLA submission.

Options and ETFs to Capitalize on Kyverna’s Momentum
• MACD: 0.379 (bullish divergence), Signal Line: 0.272, Histogram: 0.107 (positive momentum)
• RSI: 67.14 (neutral to overbought)
• Bollinger Bands: Price at $11.03, above the upper band of $8.79 (strong breakout)
• 200D MA: $4.16 (far below current price)
• Kline Pattern: Short- and long-term bullish

Kyverna’s technicals suggest a continuation of its bullish trend, with key resistance at $13.67 (52W high) and support at $11.03 (intraday low). The stock’s 48.8% turnover rate and 25.6% intraday gain indicate strong institutional and retail participation. For leveraged exposure, consider XBI (iShares Biotechnology ETF) or IBB (iShares Nasdaq Biotechnology ETF), though no specific ETFs are tied to Kyverna’s options chain.

Top Options Picks:
• KYTX20260116C10 (Call, $10 strike, Jan 16 2026):
- IV: 110.39% (high volatility)
- Delta: 0.691 (high sensitivity to price moves)
- Theta: -0.0269 (rapid time decay)
- Gamma: 0.0953 (high sensitivity to gamma)
- Turnover: $32,125 (liquid)
- Leverage Ratio: 5.43% (moderate leverage)
- Payoff at 5% Upside ($11.58): $1.58 per contract. This call offers aggressive upside potential with high gamma and delta, ideal for a short-term rally.
• KYTX20260116C12.5 (Call, $12.5 strike, Jan 16 2026):
- IV: 96.61% (moderate volatility)
- Delta: 0.405 (moderate sensitivity)
- Theta: -0.0237 (moderate time decay)
- Gamma: 0.1198 (high gamma)
- Turnover: $14,100 (liquid)
- Leverage Ratio: 13.91% (attractive leverage)
- Payoff at 5% Upside ($11.58): $0.08 per contract. This call balances leverage and liquidity, offering a safer bet for a sustained move above $12.50.

Action: Aggressive bulls should prioritize KYTX20260116C10 for a short-term pop, while KYTX20260116C12.5 suits a more measured approach. Both contracts benefit from Kyverna’s 2026 BLA timeline and the broader biotech sector’s rotation into high-conviction cell therapy plays.

Backtest Kyverna Stock Performance
The backtest of the Kentucky State University (KYTX) performance following a 26% intraday surge from 2022 to the present reveals a mixed outcome. While the 3-Day and 10-Day win rates are high at 43.14% each, the 30-Day win rate is slightly lower at 42.16%. However, the returns over these periods are negative, with a maximum return of -0.39% over 30 days, indicating that the ETF has struggled to generate positive returns in the long term following the intraday surge.

Position for Kyverna's 2026 BLA Milestone: A High-Conviction Trade
Kyverna’s 25.6% intraday surge is a watershed moment for autoimmune CAR-T, with miv-cel’s BLA submission in 1H 2026 representing a critical catalyst. The stock’s technicals and options activity suggest continued momentum, particularly if the price holds above $11.03. Investors should monitor the 2026 BLA timeline and the broader biotech sector’s reaction to Kyverna’s leadership in curative cell therapies. With Amgen (AMGN) up 0.96%, the sector’s underperformance highlights Kyverna’s unique upside potential. Act now: Buy KYTX20260116C10 for a short-term pop or KYTX20260116C12.5 for a measured play on the 2026 BLA narrative.