Invivyd, Inc. heads into its May 19 earnings report with a striking split between bearish short positioning and unusually bullish options sentiment.
Short sellers have grown more aggressive. Short interest climbed 19% over the past month to 12.7% of the free float — a material level for a micro-cap biotech. The borrow market remains relaxed despite the conviction: cost to borrow runs at roughly 0.4%, and availability is wide, pointing to plenty of room for additional short building without squeeze pressure. The ORTEX short score of 64.9 corroborates the bearish lean, though it has held in a tight range through May rather than accelerating sharply.
Options tell the opposite story. The put/call ratio dropped to 0.28 on Thursday — nearly two standard deviations below its 20-day average of 0.37. That is close to the most call-heavy reading of the past year, with the 52-week low sitting at 0.055. In practical terms, options traders are positioned for upside, not protection, heading into the print. That diverges sharply from the short sellers' read. When short interest and options positioning point in opposite directions, the earnings release itself becomes the resolution mechanism.
The stock has had a rough approach. IVVD is down 25% over the past month and fell another 19% across the past week to close at $1.21 on Friday, trimming four percent back on Thursday alone. The institutional picture adds complexity: Perceptive Advisors and BVF Partners both entered as new holders in Q4 2025, building positions of roughly 7-8% each, while Janus Henderson added over 7 million shares. That cluster of specialised healthcare funds taking fresh positions through year-end stands in contrast to the stock's subsequent decline. Analyst coverage — primarily BTIG and HC Wainwright — carries Buy ratings with $10 targets, but those notes are stale by several months and cannot be treated as current signals at a $1.21 share price.
The May 19 print will test which side of that positioning divide has read PEMGARDA's commercial trajectory more accurately.
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