Innoviva, Inc. (NASDAQ:INVA) Stock Has Consensus Price Target of $39.25 According to Brokerages

Shares of Innoviva, Inc. (NASDAQ:INVA) have earned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $39.25.

Several research analysts have recently commented on INVA shares. Weiss Ratings lowered shares of Innoviva from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, September 24th. Cantor Fitzgerald reduced their price objective on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Wall Street Zen lowered shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. BTIG Research reiterated a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a report on Monday, June 22nd. Finally, Oppenheimer initiated coverage on shares of Innoviva in a report on Wednesday, September 23rd. They issued an “outperform” rating and a $35.00 price objective for the company.

Institutional Trading of Innoviva

A number of institutional investors and hedge funds have recently made changes to their positions in INVA. Chase Investment Counsel Corp acquired a new position in shares of Innoviva during the 2nd quarter valued at about $1,589,000. Hsbc Holdings PLC bought a new position in shares of Innoviva in the 2nd quarter valued at approximately $843,000. Baird Financial Group Inc. acquired a new stake in Innoviva in the 2nd quarter worth approximately $6,231,000. Bank of America Corp DE acquired a new stake in Innoviva in the 2nd quarter worth approximately $37,873,000. Finally, Bank of New York Mellon Corp bought a new stake in Innoviva during the second quarter worth approximately $11,607,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Stock Down 0.4%

NASDAQ:INVA traded down $0.08 during mid-day trading on Friday, reaching $20.78. The stock had a trading volume of 550,483 shares, compared to its average volume of 970,043. The business’s 50 day moving average is $20.98 and its 200 day moving average is $21.97. Innoviva has a fifty-two week low of $17.12 and a fifty-two week high of $25.15. The stock has a market cap of $1.50 billion, a P/E ratio of 5.07, a PEG ratio of 3.01 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18.

Innoviva Company Profile

Innoviva, Inc is a healthcare company focused on acquiring, developing and commercializing pharmaceutical assets, with a particular emphasis on medicines for respiratory and infectious diseases. The company generates a substantial portion of its business through royalty interests in marketed products and also invests in healthcare companies and development-stage therapies.

Innoviva holds royalty rights related to several respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Breo Ellipta, which is marketed as Relvar Ellipta in some international markets.