Innoviva’s (INVA) Buy Rating Reiterated at BTIG Research

Innoviva (NASDAQ:INVA)‘s stock had its “buy” rating reiterated by investment analysts at BTIG Research in a report released on Tuesday,Benzinga reports. They presently have a $42.00 target price on the biotechnology company’s stock. BTIG Research’s price objective suggests a potential upside of 87.00% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Wall Street Zen lowered Innoviva from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research note on Friday, March 27th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $36.20.

Innoviva Stock Performance

INVA opened at $22.46 on Tuesday. The firm has a market cap of $1.66 billion, a PE ratio of 3.74 and a beta of 0.38. 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 has a fifty day simple moving average of $22.90 and a 200-day simple moving average of $21.71. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15.

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, topping the consensus estimate 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 return on equity of 33.33% and a net margin of 119.89%. As a group, equities analysts predict that Innoviva will post 1.96 EPS for the current fiscal year.

Institutional Trading of Innoviva

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Innoviva by 11.6% in the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after purchasing an additional 819,757 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Innoviva by 1.7% in the first quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company’s stock valued at $103,366,000 after purchasing an additional 76,026 shares in the last quarter. State Street Corp lifted its holdings in shares of Innoviva by 9.4% in the fourth quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock valued at $55,908,000 after purchasing an additional 239,848 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Innoviva by 38.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock valued at $43,045,000 after purchasing an additional 650,151 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Innoviva by 13.8% in the third quarter. American Century Companies Inc. now owns 2,351,006 shares of the biotechnology company’s stock valued at $42,906,000 after purchasing an additional 284,253 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

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.