Invivyd news ‘disappointing’ but not in model, says H.C. Wainwright

H.C. Wainwright maintains a Buy rating on Invivyd (IVVD) with a $10 price target after the FDA rejected its submission to expand Pemgarda’s Emergency Use Authorization to include COVID-19 treatment for certain immunocompromised patients who have no other therapeutic options. While the news is disappointing, H.C. Wainwright had not factored treatment revenues into Invivyd’s model, the analyst tells investors in a research note. The firm says its valuation for the shares remains anchored solely on Pemgarda’s “robust potential” as a pre-exposure prophylactic for immunocompromised patients, where it believes the clinical data have already supported its efficacy. The stock in morning trading is down 27% to $1.30.