Innoviva (NASDAQ:INVA) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Innoviva (NASDAQ:INVA) from a buy rating to a hold rating in a report released on Saturday morning.

Other equities analysts have also recently issued reports about the company. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research note on Wednesday, June 24th. BTIG Research reiterated a “buy” rating and issued a $42.00 target price on shares of Innoviva in a research note on Monday, June 22nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Innoviva presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Innoviva Stock Performance

Shares of INVA opened at $20.77 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 20.07 and a current ratio of 21.13. The stock has a 50 day moving average price of $22.15 and a two-hundred day moving average price of $22.27. The firm has a market capitalization of $1.53 billion, a P/E ratio of 3.46 and a beta of 0.35. Innoviva has a 52 week low of $16.52 and a 52 week high of $25.15.

Innoviva (NASDAQ:INVA) last posted its earnings results 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. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.The company had revenue of $97.99 million for the quarter, compared to analyst estimates of $101.57 million. Equities analysts forecast that Innoviva will post 2.2 earnings per share for the current fiscal year.

Institutional Trading of Innoviva

Hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC grew its stake in Innoviva by 82.8% in the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 534 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,795 shares during the period. Danske Bank A S purchased a new position in shares of Innoviva in the 3rd quarter worth about $55,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Innoviva by 49.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock worth $73,000 after buying an additional 1,197 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in Innoviva during the second quarter valued at about $92,000. 99.12% of the stock is currently owned by institutional investors.

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.