Invivyd (IVVD)
NASDAQ:IVVD
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Invivyd
(NASDAQ:IVVD)
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Rating:50Neutral
Price Target:
$1.00
▼(-24.81% Downside)
Action:ReiteratedDate:03/31/26
The score is held back primarily by ongoing losses and sizable cash burn despite improving results, alongside weak technical momentum with the stock trading below key moving averages. Offsetting these are a strong balance sheet with low leverage and encouraging earnings-call execution (Phase 3 enrollment milestone, favorable safety review, and continued PEMGARDA revenue growth).
Positive Factors
Durable Commercial Traction
Sustained PEMGARDA revenue growth and high gross margins indicate product-market fit in targeted specialty channels. Durable reorder behavior (77% account reorder rate, >15,000 contracted GPO sites) and multi-specialty adoption suggest recurring sales and a commercial base that can underpin longer-term cash generation if maintained.
Negative Factors
Persistent Cash Burn
Despite improvement versus prior periods, ongoing negative operating and free cash flow show the business still consumes material cash to support R&D and commercialization. This sustained burn means continued reliance on financing or profitable product growth to avoid dilution or constraint on strategic investments over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable Commercial Traction
Sustained PEMGARDA revenue growth and high gross margins indicate product-market fit in targeted specialty channels. Durable reorder behavior (77% account reorder rate, >15,000 contracted GPO sites) and multi-specialty adoption suggest recurring sales and a commercial base that can underpin longer-term cash generation if maintained.
Read all positive factors
Invivyd (IVVD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$375.85M
Dividend YieldN/A
Average Volume (3M)2.42M
Price to Earnings (P/E)―
Beta (1Y)1.79
Revenue Growth332.71%
EPS Growth75.73%
CountryUS
Employees99
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.02
Shares Outstanding282,594,730
10 Day Avg. Volume2,998,847
30 Day Avg. Volume2,419,356
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)1.76
Price to Sales (P/S)7.96
P/FCF Ratio-7.30
Enterprise Value/Market Cap-0.14
Enterprise Value/Revenue-1.02
Enterprise Value/Gross Profit-1.09
Enterprise Value/Ebitda1.03
Forecast
1Y Price Target
$10.00Price Target Upside651.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.23
Revenue Forecast (FY)$129.75M
Invivyd Business Overview & Revenue Model
Company Description
Adagio Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of antibody-based solutions for infectious diseases in the United States. The company's lead product candidate is t...
How the Company Makes Money
Invivyd’s revenue model is centered on commercialization of its antibody-based products (when approved/authorized) and, to the extent applicable, collaboration-related income. Primary revenue is generated from product sales: the company supplies i...
Invivyd Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call conveyed multiple operational and clinical positives: solid PEMGARDA commercial growth (31% QoQ, 25% YoY), durable reorder behavior (77%), a strong year-end cash balance ($226.7M after >$200M raised), Declaration enrollment reaching target, favorable IDMC safety recommendations, and an expanding pipeline (RSV, measles, long COVID). Offsetting items were uncertainties tied to external COVID attack rates that could trigger a ~30% trial upsizing and timing risk to the mid‑2026 readout, limited power to detect rare safety events in small studies (e.g., myocarditis in LIBERTY), and early-stage competition/validation needs for RSV and measles programs. On balance, the positive commercial traction, capitalization, enrollment milestone, and favorable early safety signals outweigh the operational and timing risks.Positive Updates
PEMGARDA Revenue Growth
PEMGARDA net revenues grew 31% quarter-over-quarter in Q4 2025 and 25% year-over-year versus Q4 2024; full-year 2025 net revenues totaled $53.4 million.
Negative Updates
Uncertain Attack Rate and Potential Trial Upsizing
Declaration's ability to demonstrate efficacy depends on community 'attack rate' (outside the company's control). A prespecified upsizing algorithm could add roughly ~30% more subjects if event accrual is lower-than-expected — potentially delaying timing and increasing cost.
Read all updates
Q4-2025 Updates
Positive
Negative
PEMGARDA Revenue Growth
PEMGARDA net revenues grew 31% quarter-over-quarter in Q4 2025 and 25% year-over-year versus Q4 2024; full-year 2025 net revenues totaled $53.4 million.
Read all positive updates
Company Guidance
Management guided that the Declaration trial has reached its target enrollment of approximately 1,770 subjects (randomized 1:1:1:1 across three active arms and one placebo), may modestly over-enroll, and is on track with event accrual; the Independent Data Monitoring Committee cleared enrollment of pregnant and breastfeeding women, removed contraception requirements for women of childbearing potential, eliminated prespecified safety visits at days 8/38/68, and management expects a prespecified upsizing analysis around April with a potential modest upsizing of roughly ~30% if event rates warrant (which they said would not necessarily push the study beyond their mid‑year pivotal timing guidance of Q2/Q3 2026). They also reiterated that VYD2311 is more potent and has a longer half‑life than pemivibart (CANOPY had nine placebo‑controlled COVID events at three months as a precedent), and highlighted commercial and financial metrics: PEMGARDA net revenues up 31% sequentially (Q4 vs Q3 2025) and up 25% year‑over‑year (Q4 2025 vs Q4 2024), $53.4M full‑year 2025 net revenues, a 77% account reorder rate, >15,000 contracted GPO sites, >$200M raised in 2025, and $226.7M cash and cash equivalents at year‑end, which management says capitalizes the company through the anticipated mid‑2026 pivotal readout.Invivyd Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
72
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 53.43M | 25.38M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 49.68M | 23.77M | 0.00 | 0.00 | 0.00 |
| EBITDA | -53.45M | -173.76M | -205.75M | -225.80M | -219.41M |
| Net Income | -52.49M | -169.93M | -198.64M | -241.32M | -226.79M |
Balance Sheet | |||||
| Total Assets | 276.88M | 129.51M | 229.18M | 383.17M | 620.09M |
| Cash, Cash Equivalents and Short-Term Investments | 226.69M | 69.35M | 200.64M | 371.99M | 591.42M |
| Total Debt | 2.49M | 1.30M | 2.17M | 3.72M | 0.00 |
| Total Liabilities | 35.34M | 61.98M | 51.71M | 27.20M | 62.07M |
| Stockholders Equity | 241.54M | 67.54M | 177.47M | 355.97M | 558.02M |
Cash Flow | |||||
| Free Cash Flow | -58.29M | -170.63M | -173.78M | -221.69M | -184.82M |
| Operating Cash Flow | -58.13M | -170.49M | -173.16M | -219.99M | -184.74M |
| Investing Cash Flow | -155.00K | -140.00K | 280.68M | -230.67M | -50.71M |
| Financing Cash Flow | 215.63M | 39.33M | 1.04M | 506.00K | 662.68M |
Invivyd Technical Analysis
Negative
1.33
Price Trends
1.68
Negative
2.01
Negative
1.55
Negative
Market Momentum
-0.12
Positive
39.39
Neutral
24.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IVVD, the sentiment is Negative. The current price of 1.33 is below the 20-day moving average (MA) of 1.57, below the 50-day MA of 1.68, and below the 200-day MA of 1.55, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 39.39 is Neutral, neither overbought nor oversold. The STOCH value of 24.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IVVD.
Invivyd Risk Analysis
Invivyd disclosed 92 risk factors in its most recent earnings report. Invivyd reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Invivyd Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $679.01M | -7.71 | -32.72% | ― | ― | -40.26% | |
52 Neutral | $486.17M | -1.68 | -137.70% | ― | ― | -67.41% | |
52 Neutral | $503.88M | -3.10 | -47.27% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $375.85M | -9.61 | -48.65% | ― | 332.71% | 75.73% | |
50 Neutral | $393.02M | -2.29 | -65.76% | ― | ― | 18.39% |
* Healthcare Sector Average
IVVD
Invivyd
1.33
0.78
141.82%
LRMR
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4.68
2.70
136.36%
RCKT
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3.62
-1.94
-34.89%
FDMT
4D Molecular Therapeutics
9.87
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242.71%
DSGN
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11.01
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212.78%
Invivyd Corporate Events
Business Operations and StrategyFinancial Disclosures
Invivyd Advances VYD2311 With Key Phase 3 Alignments
Positive
Mar 5, 2026
Invivyd reported fourth-quarter 2025 PEMGARDA net product revenue of $17.2 million, marking 25% year-over-year and 31% sequential growth, and ended 2025 with $226.7 million in cash and equivalents after raising more than $200 million in the second...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Invivyd Reports Strong PEMGARDA Growth and Advances VYD2311
Positive
Jan 8, 2026
On January 8, 2026, Invivyd reported preliminary fourth-quarter 2025 net product revenue of $17.2 million from its COVID-19 prophylactic antibody PEMGARDA (pemivibart), reflecting 25% year-over-year and 31% sequential growth, and said year-end 202...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.