Innoviva, Inc. (NASDAQ:INVA) PT Set at $16.00 by Cowen and Company
Several other research analysts have also recently issued reports on INVA. Stifel Nicolaus reiterated a hold rating and issued a $15.00 price objective on shares of Innoviva in a report on Friday. Robert W. Baird reiterated a neutral rating and issued a $13.00 price objective (up from $11.00) on shares of Innoviva in a report on Thursday, July 27th. Zacks Investment Research upgraded shares of Innoviva from a sell rating to a hold rating in a report on Monday, July 17th. Finally, ValuEngine cut shares of Innoviva from a buy rating to a hold rating in a report on Friday, June 2nd. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Innoviva has an average rating of Buy and a consensus price target of $15.00.
Shares of Innoviva (NASDAQ INVA) opened at 13.72 on Friday. The firm has a 50-day moving average price of $12.82 and a 200-day moving average price of $12.33. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 17.17 and a beta of 2.56. Innoviva has a one year low of $8.67 and a one year high of $14.55.
Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.02. The business had revenue of $58.60 million during the quarter, compared to analysts’ expectations of $50.53 million. Innoviva had a net margin of 52.56% and a negative return on equity of 27.37%. The business’s revenue was up 80.3% on a year-over-year basis. During the same period last year, the firm posted $0.13 earnings per share. Analysts anticipate that Innoviva will post $1.11 earnings per share for the current fiscal year.
In related news, VP Theodore J. Jr. Witek sold 7,815 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $12.01, for a total transaction of $93,858.15. Following the completion of the sale, the vice president now directly owns 251,968 shares in the company, valued at $3,026,135.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.60% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Old Mutual Global Investors UK Ltd. boosted its stake in shares of Innoviva by 160.6% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 183,998 shares of the biotechnology company’s stock worth $2,544,000 after buying an additional 113,388 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Innoviva during the first quarter valued at approximately $688,000. ARP Americas LLC purchased a new stake in shares of Innoviva during the first quarter valued at approximately $173,000. Acadian Asset Management LLC purchased a new stake in shares of Innoviva during the first quarter valued at approximately $2,061,000. Finally, Louisiana State Employees Retirement System increased its stake in shares of Innoviva by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 31,600 shares of the biotechnology company’s stock valued at $437,000 after buying an additional 600 shares during the period. Hedge funds and other institutional investors own 74.99% of the company’s stock.
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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