Innoviva, Inc. (NASDAQ:INVA) Receives $36.20 Average Target Price from Brokerages

Innoviva, Inc. (NASDAQ:INVA) has earned a consensus rating of “Moderate Buy” from the seven brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $36.20.

Several research analysts have recently weighed in on the company. HC Wainwright restated a “buy” rating and issued a $46.00 price target on shares of Innoviva in a research note on Monday, June 1st. Wall Street Zen cut Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a report on Wednesday, June 24th. Finally, BTIG Research reissued a “buy” rating and issued a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd.

Institutional Investors Weigh In On Innoviva

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in Innoviva by 81.1% during the first quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock valued at $389,000 after acquiring an additional 9,639 shares during the period. AQR Capital Management LLC grew its position in shares of Innoviva by 17.8% during the first quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock worth $3,036,000 after purchasing an additional 25,317 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Innoviva by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock worth $596,000 after purchasing an additional 1,392 shares in the last quarter. NewEdge Advisors LLC bought a new stake in Innoviva during the 1st quarter valued at approximately $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Innoviva by 21.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock valued at $3,102,000 after purchasing an additional 30,792 shares during the period. Institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

Shares of INVA opened at $20.97 on Monday. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19. The business’s 50 day moving average price is $22.19 and its 200-day moving average price is $22.26. Innoviva has a 52 week low of $16.52 and a 52 week high of $25.15. The stock has a market cap of $1.55 billion, a P/E ratio of 3.49 and a beta of 0.35.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The business had revenue of $97.99 million during the quarter, compared to analyst estimates of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. Equities research analysts anticipate that Innoviva will post 2.2 earnings per share for the current fiscal year.

About Innoviva

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.