Deutsche Bank AG Initiates Coverage on Innoviva, Inc. (INVA)
Deutsche Bank AG assumed coverage on shares of Innoviva, Inc. (NASDAQ:INVA) in a report issued on Monday, MarketBeat Ratings reports. The firm issued a hold rating and a $13.00 price target on the biotechnology company’s stock.
A number of other research analysts have also issued reports on INVA. Robert W. Baird reiterated a neutral rating and set a $13.00 price target (up previously from $11.00) on shares of Innoviva in a research report on Thursday, July 27th. Stifel Nicolaus reiterated a hold rating and set a $15.00 price target on shares of Innoviva in a research report on Friday, July 28th. Cowen Inc set a $16.00 price target on Innoviva and gave the stock a buy rating in a research report on Friday, July 28th. Zacks Investment Research upgraded Innoviva from a hold rating to a strong-buy rating and set a $16.00 price target for the company in a research report on Monday, July 31st. Finally, ValuEngine lowered Innoviva from a buy rating to a hold rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Innoviva currently has an average rating of Hold and a consensus target price of $13.50.
Innoviva (INVA) opened at $13.42 on Monday. The company has a debt-to-equity ratio of -2.59, a quick ratio of 6.71 and a current ratio of 6.71. Innoviva has a 12-month low of $10.07 and a 12-month high of $14.87. The stock has a market capitalization of $1,448.48, a price-to-earnings ratio of 15.41 and a beta of 2.51.
Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, October 25th. The biotechnology company reported $0.21 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.13). Innoviva had a negative return on equity of 33.55% and a net margin of 52.91%. The business had revenue of $48.64 million for the quarter, compared to analyst estimates of $57.18 million. During the same quarter last year, the firm posted $0.13 EPS. The company’s revenue was up 46.0% compared to the same quarter last year. sell-side analysts expect that Innoviva will post 1.08 earnings per share for the current fiscal year.
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In other news, CFO Eric Desparbes sold 15,285 shares of the company’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $13.28, for a total value of $202,984.80. Following the completion of the sale, the chief financial officer now owns 337,027 shares in the company, valued at $4,475,718.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP George B. Abercrombie sold 5,215 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $13.26, for a total value of $69,150.90. Following the completion of the sale, the vice president now owns 263,866 shares of the company’s stock, valued at approximately $3,498,863.16. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. GSA Capital Partners LLP acquired a new stake in shares of Innoviva in the third quarter valued at $1,111,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Innoviva by 162.1% during the third quarter. Cubist Systematic Strategies LLC now owns 34,087 shares of the biotechnology company’s stock valued at $481,000 after purchasing an additional 21,082 shares during the last quarter. Sarissa Capital Management LP lifted its holdings in shares of Innoviva by 3.2% during the third quarter. Sarissa Capital Management LP now owns 3,600,705 shares of the biotechnology company’s stock valued at $50,841,000 after purchasing an additional 110,000 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Innoviva during the third quarter valued at $144,000. Finally, Magnetar Financial LLC purchased a new stake in shares of Innoviva during the third quarter valued at $182,000. Institutional investors and hedge funds own 72.14% of the company’s stock.
Innoviva Company Profile
Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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