Innoviva, Inc. (NASDAQ:INVA) Given Average Recommendation of “Hold” by Analysts

Innoviva, Inc. (NASDAQ:INVA) has earned an average rating of “Hold” from the six analysts that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $34.75.

A number of equities analysts have weighed in on the stock. Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. HC Wainwright reissued a “buy” rating and issued a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. Cantor Fitzgerald cut their price target on Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. BTIG Research reaffirmed a “buy” rating and set a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. Finally, Weiss Ratings cut Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th.

Innoviva Trading Down 2.2%

NASDAQ:INVA opened at $21.00 on Friday. Innoviva has a one year low of $16.52 and a one year high of $25.15. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. The company’s 50-day simple moving average is $21.84 and its 200 day simple moving average is $22.38. The firm has a market capitalization of $1.52 billion, a P/E ratio of 5.12 and a beta of 0.35.

Institutional Trading of Innoviva

Several institutional investors have recently bought and sold shares of INVA. Parallel Advisors LLC grew its holdings in shares of Innoviva by 82.8% during the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 534 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Innoviva in the 2nd quarter worth approximately $30,000. Allworth Financial LP bought a new position in Innoviva in the 2nd quarter valued at approximately $42,000. Mint Tower Capital Management B.V. bought a new position in Innoviva in the 2nd quarter valued at approximately $47,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,795 shares during 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.