Vlispxpert's Underground

[tw0122]

IVVD 3.80 + 17% perhaps catch some pullbacks again here …The price target is now at $10 per share, up from $4.

07:13 AM EDT, 03/26/2024 (MT Newswires) -- Invivyd (IVVD) received an investment rating upgrade to overweight from equalweight from Morgan Stanley on Tuesday, several days after the biopharmaceutical said its Pemgarda monoclonal antibody received emergency use authorization from the US Food & Drug Administration for the prevention of COVID-19 in adults and adolescents with moderate-to-severe immune compromise.

Morgan Stanley also more than doubled its price target on Invivyd's stock amid the Pemgarda authorization. The price target is now at $10 per share, up from $4.

Invivyd's shares were up 16% at $3.74 each in recent Tuesday pre-market trading. The shares had closed at $3.09 each on Thursday, a day before the FDA authorization was announced.

"FDA granting emergency use of Pemgarda represents [a] significant derisking event allowing IVVD to launch their first [monoclonal antibody] for pre-exposure prophylaxis of COVID," Morgan Stanley's analysts said in a Tuesday note to clients.

The authorization was based on positive immunobridging data from a late-stage trial, the analysts noted, highlighting that the trial demonstrated in vitro neutralizing activity against a range of variants, including the JN.1 variant currently dominant in the US. Morgan Stanley believes this "can be reproduced in an accelerated timeline to address future variants."

Invivyd has an average investment rating of outperform among four analysts polled by Capital IQ. The price targets of three analysts range from $4 to $15.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)