Invivyd (NASDAQ:IVVD) Announces Earnings Results

Invivyd (NASDAQ:IVVD) released its quarterly earnings results on Thursday. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.05), FiscalAI reports. Invivyd had a negative return on equity of 48.65% and a negative net margin of 98.25%.The company had revenue of $13.74 million for the quarter, compared to analysts’ expectations of $18.04 million.

Here are the key takeaways from Invivyd’s conference call:

• Invivyd said its DECLARATION pivotal study for VYD2311 is progressing quickly, with the upsized cohort filling faster than expected and recruitment now resumed at full speed, keeping the program on track.
• The company highlighted an IDMC recommendation to reduce post-dose monitoring from 2 hours to 30 minutes after reviewing unblinded safety data, which management views as an encouraging sign for tolerability.
• Invivyd said its medicines continue to show strong neutralization against current SARS-CoV-2 variants, including formal confirmation against Omicron BA.3.2, supporting its view that the product remains relevant to the evolving virus landscape.
• Commercially, PEMGARDA revenue grew 22% year over year in the first quarter, and management said growth remains solid despite normal seasonal headwinds and broader declines in vaccine utilization.
• The company ended the quarter with a strong cash position after additional April ATM financing, and expects R&D spending to normalize as the VYD2311 trial winds down over coming quarters.

Invivyd Stock Down 21.1%

Shares of NASDAQ IVVD traded down $0.31 during trading on Thursday, hitting $1.16. 11,515,578 shares of the company traded hands, compared to its average volume of 1,634,102. The firm has a market capitalization of $328.05 million, a P/E ratio of -3.63 and a beta of 0.71. The company has a 50-day moving average price of $1.53 and a 200-day moving average price of $1.91. Invivyd has a 1 year low of $0.48 and a 1 year high of $3.07.

Insiders Place Their Bets

In related news, insider Julie Green sold 20,964 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $1.58, for a total value of $33,123.12. Following the completion of the sale, the insider directly owned 107,717 shares in the company, valued at approximately $170,192.86. This represents a 16.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. Duke sold 20,964 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $1.58, for a total value of $33,123.12. Following the completion of the transaction, the chief financial officer directly owned 107,717 shares in the company, valued at $170,192.86. This trade represents a 16.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 227,172 shares of company stock worth $354,534. Corporate insiders own 12.25% of the company’s stock.

Institutional Trading of Invivyd

Several institutional investors have recently added to or reduced their stakes in IVVD. DRW Securities LLC bought a new position in Invivyd in the fourth quarter worth about $27,000. State of Wyoming acquired a new position in Invivyd in the fourth quarter valued at approximately $30,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Invivyd during the fourth quarter valued at approximately $36,000. CIBC Asset Management Inc acquired a new stake in Invivyd in the fourth quarter worth $37,000. Finally, Fortress Private Ledger LLC acquired a new stake in shares of Invivyd in the 4th quarter worth about $62,000. Institutional investors own 70.36% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on IVVD. HC Wainwright restated a “buy” rating on shares of Invivyd in a research report on Thursday. BTIG Research reissued a “buy” rating and issued a $10.00 target price on shares of Invivyd in a research note on Thursday, February 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Invivyd in a report on Wednesday, April 29th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Invivyd has an average rating of “Hold” and a consensus target price of $8.00.

Invivyd Company Profile

Invivyd, Inc, a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of antibody-based solutions for infectious diseases in the United States. The company developed INVYMAB, a platform that combines viral surveillance and predictive modeling with advanced antibody engineering. Its pipeline includes PEMGRADA (pemivibart) injection, a half-life extended investigational monoclonal antibody (mAb) for the prevention of COVID-19 in adults and adolescents; VYD2311, an mAb candidate which is in preclinical studies for the prevention or treatment for COVID-19; and adintrvimab, that is in phase 3 clinical trials for the prevention or treatment of COVID-19.