BTIG Research Forecasts Strong Price Appreciation for Innoviva (NASDAQ:INVA) Stock

Innoviva (NASDAQ:INVA) had its price objective hoisted by investment analysts at BTIG Research from $35.00 to $42.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. BTIG Research’s target price would suggest a potential upside of 86.50% from the company’s previous close.

Separately, Weiss Ratings reiterated 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 given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Innoviva has an average rating of “Moderate Buy” and an average target price of $36.20.

Innoviva Stock Performance

NASDAQ:INVA opened at $22.52 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 14.64 and a quick ratio of 13.85. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 7.38 and a beta of 0.38. The company’s 50-day moving average is $22.98 and its two-hundred day moving average is $21.29. Innoviva has a 1-year low of $16.52 and a 1-year high of $25.15.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $1.60. The business had revenue of $114.61 million during the quarter, compared to the consensus estimate of $102.62 million. Innoviva had a net margin of 65.92% and a return on equity of 37.63%. Analysts forecast that Innoviva will post 1.99 EPS for the current year.

Institutional Investors Weigh In On Innoviva

A number of institutional investors have recently made changes to their positions in the stock. Jennison Associates LLC lifted its holdings in shares of Innoviva by 50.4% in the 1st quarter. Jennison Associates LLC now owns 69,767 shares of the biotechnology company’s stock worth $1,626,000 after acquiring an additional 23,364 shares during the last quarter. Assetmark Inc. increased its holdings in Innoviva by 10.7% in the 1st quarter. Assetmark Inc. now owns 205,072 shares of the biotechnology company’s stock valued at $4,778,000 after purchasing an additional 19,753 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in Innoviva in the 1st quarter valued at approximately $257,000. Bank of New York Mellon Corp raised its position in Innoviva by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 489,497 shares of the biotechnology company’s stock valued at $11,405,000 after purchasing an additional 6,464 shares during the period. Finally, Illinois Municipal Retirement Fund raised its position in Innoviva by 8.9% in the first quarter. Illinois Municipal Retirement Fund now owns 36,990 shares of the biotechnology company’s stock valued at $862,000 after purchasing an additional 3,026 shares during the period. 99.12% of the stock is currently owned by institutional investors and hedge funds.

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.