First Participants Dosed in LIBERTY. Controlled Comparison to mRNA Vaccines Central to Future Commercialization Efforts.

Research evidence excerpt

First Participants Dosed in LIBERTY. Controlled Comparison to mRNA Vaccines Central to Future Commercialization Efforts.

June 9, 2026 Invivyd

(IVVD, Buy, $10 PT)

Thomas Shrader, PhD, CFA

First Participants Dosed in LIBERTY. Controlled Comparison to mRNA (212) 527-3551 tshrader@btig.com

Vaccines Central to Future Commercialization Efforts. Jinnie Kim, PhD

(212) 882-2344 jinnie.kim@btig.com

WHAT YOU SHOULD KNOW: Preliminary readouts suggest profound differences in Company DataBIOTECHNOLOGY the safety profiles of the mRNA vaccines and Invivyd's monoclonal antibodies in their Closing Price $1.02

protection against COVID-19 infections. Now the company is looking to cement these

Price Target $10.00 differences with a controlled study that could be used in promotional material and

possibly alluded to in the eventual label of VYD2311. In more detail, Invivyd announced Market Cap (M) $300.50

Shares Out (M) 294.61EQUITY the first participants dosed in LIBERTY, a Phase 3, randomized, double-blind trial

evaluating the safety and tolerability of its investigational monoclonal antibody (mAb) Avg Daily Vol-3 Months (M) 3.11

VYD2311 versus an mRNA COVID-19 vaccine in ~210 healthy adults aged 18–49. The Revisions

trial's significance lies in its head-to-head, controlled design — enrolling participants

Previous Current across three arms (VYD2311 alone, mRNA vaccine alone, and co-administration) —

which allows for a true apples-to-crabapples safety comparison that cross-trial data Rating Buy Buy

Price Target $10.00 $10.00RESEARCH simply cannot claim without including extensive caveats. This distinction is critical:

prior exploratory evidence from Invivyd's EVADE study and Sanofi's COMPARE study FY26E NI (77.07) (77.07)