Innoviva Inc. (INVA) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Innoviva Inc. (NASDAQ:INVA) from a hold rating to a buy rating in a report released on Tuesday. Zacks Investment Research currently has $13.00 target price on the stock.
According to Zacks, “Innoviva, Inc. is focused on the development, commercialization and financial management of bio-pharmaceuticals. The company’s portfolio of respiratory assets partnered with Glaxo Group Limited, including RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) ELLIPTA(R). Innoviva, Inc., formerly known as Theravance, Inc., is headquartered in South San Francisco, California. “
A number of other brokerages also recently issued reports on INVA. Robert W. Baird reissued a neutral rating and set a $11.00 target price (up from $9.00) on shares of Innoviva in a research note on Sunday, July 31st. TheStreet raised Innoviva from a sell rating to a hold rating in a research note on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $10.75.
Innoviva (NASDAQ:INVA) opened at 11.26 on Tuesday. The stock has a market cap of $1.25 billion, a P/E ratio of 68.24 and a beta of 1.72. The company’s 50-day moving average price is $11.76 and its 200-day moving average price is $11.82. Innoviva has a 12 month low of $6.36 and a 12 month high of $14.15.
Innoviva (NASDAQ:INVA) last issued its earnings results on Thursday, July 28th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.06. The business earned $32.47 million during the quarter, compared to the consensus estimate of $31.13 million. Innoviva had a negative return on equity of 7.39% and a net margin of 20.15%. The company’s revenue for the quarter was up 204.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.07) EPS. Equities analysts forecast that Innoviva will post $0.63 earnings per share for the current year.
In related news, CFO Eric Desparbes sold 3,700 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $11.77, for a total value of $43,549.00. Following the sale, the chief financial officer now owns 239,893 shares in the company, valued at approximately $2,823,540.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.60% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in INVA. Metropolitan Life Insurance Co. NY purchased a new stake in Innoviva during the first quarter worth $776,000. Legal & General Group Plc bought a new stake in shares of Innoviva during the first quarter worth approximately $211,000. Bayesian Capital Management LP bought a new stake in shares of Innoviva during the first quarter worth approximately $194,000. Wellington Management Group LLP bought a new stake in shares of Innoviva during the first quarter worth approximately $825,000. Finally, Geode Capital Management LLC bought a new stake in shares of Innoviva during the first quarter worth approximately $7,255,000. Institutional investors and hedge funds own 81.20% of the company’s stock.
Innoviva, Inc, formerly Theravance, Inc, focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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