Robert W. Baird Reaffirms “Neutral” Rating for Innoviva, Inc. (NASDAQ:INVA)
Robert W. Baird restated their neutral rating on shares of Innoviva, Inc. (NASDAQ:INVA) in a research report sent to investors on Thursday. Robert W. Baird currently has a $13.00 target price on the biotechnology company’s stock, up from their prior target price of $11.00.
INVA has been the subject of a number of other research reports. Cowen and Company set a $16.00 price objective on shares of Innoviva and gave the company a buy rating in a report on Monday, May 1st. 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. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $14.25.
Shares of Innoviva (NASDAQ:INVA) traded down 0.36% during mid-day trading on Thursday, reaching $13.72. 1,332,337 shares of the company were exchanged. Innoviva has a 12 month low of $8.67 and a 12 month high of $14.55. The stock has a market capitalization of $1.48 billion, a P/E ratio of 17.17 and a beta of 2.56. The firm has a 50-day moving average price of $12.78 and a 200 day moving average price of $12.31.
Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.02. The firm 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 for the quarter was up 80.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.13 earnings per share. Equities research analysts anticipate that Innoviva will post $1.11 EPS for the current fiscal year.
In other Innoviva news, VP Theodore J. Jr. Witek sold 7,815 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 251,968 shares of the company’s stock, valued at $3,026,135.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company’s stock.
Several institutional investors have recently modified their holdings of INVA. Thrivent Financial for Lutherans bought a new position in shares of Innoviva during the fourth quarter valued at $444,000. Comerica Bank raised its position in shares of Innoviva by 4.5% in the first quarter. Comerica Bank now owns 85,950 shares of the biotechnology company’s stock valued at $1,082,000 after buying an additional 3,673 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Innoviva during the first quarter valued at $818,000. Bank of Montreal Can raised its position in shares of Innoviva by 8,741.8% in the first quarter. Bank of Montreal Can now owns 111,141 shares of the biotechnology company’s stock valued at $1,537,000 after buying an additional 109,884 shares during the last quarter. Finally, BlackRock Inc. raised its position in shares of Innoviva by 68,215.3% in the first quarter. BlackRock Inc. now owns 12,000,259 shares of the biotechnology company’s stock valued at $165,964,000 after buying an additional 11,982,693 shares during the last quarter. 74.99% of the stock is currently owned by institutional investors.
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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