Invivyd (NASDAQ:IVVD) Releases Earnings Results, Misses Estimates By $0.05 EPS

Invivyd (NASDAQ:IVVD) released its quarterly earnings data on Thursday. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.05), FiscalAI reports. Invivyd had a negative net margin of 138.90% and a negative return on equity of 61.69%. The business had revenue of $13.74 million for the quarter, compared to the consensus estimate 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 Performance

NASDAQ:IVVD traded up $0.05 during midday trading on Friday, reaching $1.21. 7,274,867 shares of the stock traded hands, compared to its average volume of 2,148,540. Invivyd has a 12-month low of $0.48 and a 12-month high of $3.07. The business has a 50-day moving average of $1.52 and a two-hundred day moving average of $1.90. The stock has a market capitalization of $342.19 million, a PE ratio of -3.90 and a beta of 0.71.

Analyst Ratings Changes

IVVD has been the topic of a number of recent research reports. HC Wainwright reiterated a “buy” rating on shares of Invivyd in a research note on Thursday. Wall Street Zen downgraded shares of Invivyd from a “hold” rating to a “strong sell” rating in a research note on Saturday. BTIG Research reissued a “buy” rating and set a $10.00 target price on shares of Invivyd in a research report on Thursday, February 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Invivyd in a research report on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.00.

Insider Activity at Invivyd

In related news, insider Robert D. Allen III sold 19,392 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $1.58, for a total transaction of $30,639.36. Following the completion of the sale, the insider owned 114,487 shares of the company’s stock, valued at $180,889.46. This represents a 14.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jill Andersen sold 34,939 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $1.58, for a total transaction of $55,203.62. Following the sale, the insider directly owned 181,736 shares of the company’s stock, valued at $287,142.88. The trade was a 16.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 227,172 shares of company stock valued at $354,534 over the last three months. Company insiders own 12.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rafferty Asset Management LLC purchased a new position in shares of Invivyd in the fourth quarter worth $703,000. Virtu Financial LLC purchased a new position in shares of Invivyd in the fourth quarter worth $500,000. Two Sigma Investments LP raised its holdings in shares of Invivyd by 40.3% in the third quarter. Two Sigma Investments LP now owns 335,000 shares of the company’s stock worth $368,000 after buying an additional 96,308 shares during the last quarter. Charles Schwab Investment Management Inc. purchased a new position in shares of Invivyd in the fourth quarter worth $291,000. Finally, AQR Capital Management LLC raised its holdings in shares of Invivyd by 2,051.0% in the first quarter. AQR Capital Management LLC now owns 410,711 shares of the company’s stock worth $249,000 after buying an additional 391,617 shares during the last quarter. Hedge funds and other institutional investors own 70.36% of the company’s stock.

About Invivyd

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.