WALTHAM, Mass. - Biopharmaceutical company Invivyd, Inc. (NASDAQ:IVVD) today announced the appointment of Jeremy Gowler as Interim Chief Executive Officer, replacing Dave Hering. The change is effective immediately as the company commences its search for a permanent CEO.
The company's Board of Directors expressed confidence in Gowler's ability to lead Invivyd through its next growth phase, highlighting his role in commercial execution. Marc Elia, Chairperson of the Board, emphasized the company's focus on novel monoclonal antibody (mAb) therapies for COVID-19 pre-exposure prophylaxis (PrEP) and the recent emergency use authorization (EUA) granted by the U.S. FDA for PEMGARDA™, Invivyd's investigational mAb.
PEMGARDA, engineered from adintrevimab, has shown in vitro neutralizing activity against major SARS-CoV-2 variants, including the current dominant strain in the U.S. It targets the virus's spike protein to inhibit attachment to human cells. Authorized for emergency use, PEMGARDA is not yet approved for the prevention of COVID-19 in certain immunocompromised individuals.
The company thanked outgoing CEO Dave Hering for his contributions, which included advancing the company from research to its first EUA. Gowler expressed eagerness to engage with stakeholders and focus on the successful launch of PEMGARDA.
Invivyd's proprietary INVYMAB™ platform aims to generate new mAbs to keep pace with evolving viral threats, with PEMGARDA being the first in a planned series of antibody candidates.
The information in this article is based on a press release statement from Invivyd, Inc.
InvestingPro Insights
As Invivyd, Inc. (NASDAQ:IVVD) undergoes a leadership transition with Jeremy Gowler stepping in as Interim CEO, the company's financial health and market performance provide essential context for stakeholders. Here are some key insights from InvestingPro:
InvestingPro Data metrics reveal a market capitalization of $364.22 million for Invivyd, indicating the company's size in the biopharmaceutical industry. Despite a challenging financial performance with an operating income of -$207.78 million in the last twelve months as of Q4 2023, analysts remain optimistic about the company's future. This optimism is reflected in the projected net income growth for this year, which aligns with the company's strategic focus on novel monoclonal antibody therapies.
A noteworthy InvestingPro Tip is that Invivyd holds more cash than debt on its balance sheet, which could provide financial flexibility as the company navigates the complex process of launching PEMGARDA and developing its INVYMAB™ platform. Additionally, analysts predict that the company will be profitable this year, a significant turnaround from not being profitable over the last twelve months.
Investors should note the stock's performance, which has seen a large price uptick over the last six months, with a total return of 85.45%. However, the stock has fared poorly over the last month, with a price total return of -15.47%. These fluctuations underscore the stock's volatility and the high-stakes environment of biopharmaceutical development.
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