D. Boral Capital downgraded Invivyd to Hold from Buy with no price target after the company announced the nomination of its next-generation RSV antibody VBY329 with IND readiness targeted for the second half of 2026 and concurrently strengthened its capital position through a $125M equity offering. With the fundraise anticipated in the firm's prior modeling, the transaction does not alter its valuation framework, but with its previous $2 price target achieved, it now shifts to Hold as the shares more fully reflect pipeline and balance sheet expectations.
