12:02 PM EDT, 03/26/2024 (MT Newswires) -- Invivyd ( IVVD ) has cleared a significant hurdle after the US Food and Drug Administration granted emergency use authorization of Pemgarda for the prevention of COVID-19, Morgan Stanley said in a note Tuesday.

"FDA granting emergency use of Pemgarda represents significant derisking event allowing IVVD to launch their first mAb for pre-exposure prophylaxis of COVID," Morgan Stanley said. "EUA overhang lifted as our focus shifts to commercial opportunity and further data supporting their proprietary platform approach."

"We believe there is a market given unmet need among moderate-to-severe immunocompromised individuals," the report said.

Morgan Stanley upgraded its rating for the stock to overweight from equal-weight and lifted its price target to $10 from $4.

Invivyd ( IVVD ) shares jumped past 14% in recent trading.

Price: 3.69, Change: +0.46, Percent Change: +14.24