Invivyd (NASDAQ:IVVD) Issues Earnings Results

Key Points

• Invivyd missed on earnings and revenue, reporting EPS of -$0.13 versus the -$0.08 consensus and quarterly revenue of $13.74 million versus expectations of $18.04 million.
• Management said the DECLARATION pivotal study for VYD2311 is moving quickly, with recruitment back at full speed and the trial still on track. The company also said an IDMC recommended cutting post-dose monitoring from 2 hours to 30 minutes after reviewing safety data.
• Invivyd highlighted continued commercial and pipeline momentum, including 22% year-over-year PEMGARDA revenue growth and strong neutralization against current SARS-CoV-2 variants. The company also ended the quarter with a strong cash position after April financing.

Invivyd (NASDAQ:IVVD - Get Free Report) issued its quarterly earnings results on Thursday. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.05), FiscalAI reports. The business had revenue of $13.74 million during the quarter, compared to analysts' expectations of $18.04 million. Invivyd had a negative net margin of 98.25% and a negative return on equity of 48.65%.

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 Trading Down 21.1%

Shares of NASDAQ IVVD traded down $0.31 during midday trading on Thursday, reaching $1.16. 11,515,578 shares of the company were exchanged, compared to its average volume of 1,634,102. The stock has a market cap of $328.05 million, a P/E ratio of -3.63 and a beta of 0.71. Invivyd has a 1 year low of $0.48 and a 1 year high of $3.07. The stock has a fifty day simple moving average of $1.53 and a 200 day simple moving average of $1.91.

Insider Activity

In other Invivyd news, insider Timothy Edward Lee sold 20,964 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $1.58, for a total transaction of $33,123.12. Following the completion of the sale, the insider directly owned 117,717 shares of the company's stock, valued at approximately $185,992.86. This trade represents a 15.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William E. Duke sold 20,964 shares of the business's stock in a transaction that occurred on 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 approximately $170,192.86. The trade was a 16.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 227,172 shares of company stock worth $354,534 over the last quarter. 12.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in shares of Invivyd by 28.2% during the 4th quarter. Janus Henderson Group PLC now owns 32,543,142 shares of the company's stock worth $80,870,000 after buying an additional 7,160,065 shares in the last quarter. RA Capital Management L.P. acquired a new position in shares of Invivyd during the 3rd quarter worth $18,831,000. ADAR1 Capital Management LLC purchased a new stake in shares of Invivyd in the third quarter valued at about $8,108,000. Vanguard Group Inc. lifted its holdings in shares of Invivyd by 46.7% in the third quarter. Vanguard Group Inc. now owns 5,762,894 shares of the company's stock valued at $6,339,000 after purchasing an additional 1,834,970 shares in the last quarter. Finally, State Street Corp grew its position in shares of Invivyd by 1,636.7% in the fourth quarter. State Street Corp now owns 5,637,593 shares of the company's stock valued at $13,925,000 after purchasing an additional 5,312,986 shares during the last quarter. 70.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. BTIG Research restated a "buy" rating and issued a $10.00 price objective on shares of Invivyd in a report on Thursday, February 26th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Invivyd in a research note on Wednesday, April 29th. Finally, HC Wainwright restated a "buy" rating on shares of Invivyd in a research note on Thursday. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target 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.

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