Fannie Mae, Freddie Mac shares tumble after conservatorship comments
On Monday, H.C. Wainwright reaffirmed its Buy rating and $10.00 price target for Invivyd Inc. (NASDAQ:IVVD), following a series of positive developments for the biotechnology company. The stock, currently trading at $1.06 with a market cap of $126.79 million, has shown remarkable momentum with a 156% gain over the past week. Analysts at the firm have expressed increased confidence in Invivyd after evaluating several key factors, including recent financial results, management meetings, and clinical data.
Invivyd pre-announced its fourth-quarter financials on Friday, revealing net product revenues of $13.8 million. Although this figure falls slightly below the estimated $15.4 million and the consensus of $15.1 million, the company’s cash position at the end of 2024 was reported at $69.3 million. This exceeded both H.C. Wainwright’s projection of $65.7 million and the consensus estimate of $68.8 million. InvestingPro data shows the company maintains impressive gross profit margins of 92.27%, though it’s currently burning through cash rapidly.
The company’s management highlighted a 48% sequential revenue increase for PEMGARDA, its monoclonal antibody (mAb) authorized for emergency use, from the third to the fourth quarter of 2024. This growth is attributed to rising demand from healthcare providers seeking effective COVID-19 prevention options for immunocompromised patients. This demand is supported by strong in vitro neutralization data of PEMGARDA against prevalent SARS-CoV-2 variants.
Moreover, Invivyd’s positive Phase 1 data for VYD2311, a next-generation mAb targeting post-Omicron SARS-CoV-2 variants, was also a contributing factor to H.C. Wainwright’s optimistic stance. The data suggests that Invivyd could continue to lead in the COVID-19 therapeutic space.
In a statement, H.C. Wainwright analysts said, "We are more positive on IVVD following: (1) pre-announced 4Q24 financial results; (2) a January 23 meeting with CFO Bill Duke, and Sr. Manager of Operations Allison Back; and (3) positive Phase 1 data on VYD2311." They believe these factors collectively reinforce the company’s strong position and potential for growth in its sector. InvestingPro subscribers can access 12 additional investment tips and a comprehensive Pro Research Report, offering deeper insights into Invivyd’s financial health, which is currently rated as FAIR.
In other recent news, Invivyd, Inc. is making significant strides in its operations. The company has recently sought FDA approval for the use of its treatment, pemivibart, in immunocompromised COVID-19 patients. The submission is based on data demonstrating pemivibart’s superior virus neutralizing activity compared to its parent molecule, adintrevimab. Invivyd has also initiated human studies for a new antibody candidate, VYD2311, in August 2024.
The company’s Q3 financial results show steady growth with net product revenue totaling $9.3 million and an ending cash balance of $107 million. Invivyd aims to achieve profitability by June 2025 through strategic restructuring to enhance commercial outreach.
However, Invivyd has received a warning from Nasdaq due to its stock price falling below the minimum required bid price for 30 consecutive business days. In response, the company is considering options to regain compliance. Amidst these developments, Sara Cotter, a member of the company’s Board of Directors, has resigned. These are recent developments in the company’s ongoing operations.
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