Invivyd post earnings selloff overdone, says H.C. Wainwright

H.C. Wainwright attributes the post-earnings selloff in shares of Invivyd (IVVD) to the Q1 revenue miss and its higher than expected research and development expense of $30.7M. The selloff is overdone given that the revenue miss appears more tied to Q1 seasonality and timing than deterioration in the broader thesis, the analyst tells investors in a research note. H.C. Wainwright says the higher expenses reflects “pivotal spend” ahead of the key VYD2311 readout in Q3. The firm views the most important value driver of the stock as the potential biologics license application for VYD2311. Invivyd is down 19% to $1.20 in morning trading. H.C. Wainwright reiterates a Buy rating on the stock with a $10 price target