Invivyd price target lowered to $3.55 from $9.50 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Invivyd (IVVD) to $3.55 from $9.50 and keeps an Overweight rating on the shares. The firm is lowering penetration and sales expectations and “flexing” its view on the odds of success to reflect current sales headwinds, adding that while management appears to be taking the necessary steps to ramp sales, the firm questions if an “updated” antibody is necessary to shift the narrative. Though COVID continues to fade from the headlines, the firm still sees a place for mAbs in the treatment/prevention landscape, the analyst added.