Innoviva (NASDAQ:INVA) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen cut shares of Innoviva (NASDAQ:INVA) from a strong-buy rating to a buy rating in a research note released on Saturday.

Other analysts also recently issued reports about the company. BTIG Research raised their target price on Innoviva from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Friday, March 27th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Innoviva currently has a consensus rating of “Moderate Buy” and an average target price of $36.20.

Innoviva Stock Performance

Shares of Innoviva stock opened at $22.89 on Friday. The business’s fifty day simple moving average is $22.96 and its 200 day simple moving average is $21.32. The firm has a market capitalization of $1.70 billion, a P/E ratio of 3.81 and a beta of 0.38. Innoviva has a 12 month low of $16.52 and a 12 month high of $25.15. The company has a current ratio of 21.13, a quick ratio of 13.85 and a debt-to-equity ratio of 0.19.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. The business had revenue of $97.99 million for the quarter, compared to analyst estimates of $101.57 million. Innoviva had a return on equity of 33.33% and a net margin of 119.89%. As a group, analysts anticipate that Innoviva will post 1.94 EPS for the current year.

Institutional Trading of Innoviva

A number of large investors have recently bought and sold shares of the company. Creative Planning increased its position in Innoviva by 0.8% in the third quarter. Creative Planning now owns 61,365 shares of the biotechnology company’s stock worth $1,120,000 after buying an additional 461 shares during the last quarter. Bailard Inc. grew its position in shares of Innoviva by 4.7% in the fourth quarter. Bailard Inc. now owns 10,933 shares of the biotechnology company’s stock valued at $219,000 after purchasing an additional 492 shares in the last quarter. Verition Fund Management LLC grew its position in shares of Innoviva by 0.3% in the third quarter. Verition Fund Management LLC now owns 175,855 shares of the biotechnology company’s stock valued at $3,209,000 after purchasing an additional 527 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Innoviva by 82.8% in the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 534 shares in the last quarter. Finally, Bank of Montreal Can grew its position in shares of Innoviva by 3.8% in the fourth quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company’s stock valued at $295,000 after purchasing an additional 540 shares in the last quarter. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Company Profile

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.