Innoviva Inc. (INVA) Raised to Buy at Zacks Investment Research
Innoviva Inc. (NASDAQ:INVA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $13.00 target price on the stock. Zacks Investment Research’s price target would indicate a potential upside of 15.45% from the stock’s previous close.
According to Zacks, “Innoviva, Inc. is focused on the development, commercialization and financial management of bio-pharmaceuticals. The company’s portfolio of respiratory assets partnered with Glaxo Group Limited, including RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) ELLIPTA(R). Innoviva, Inc., formerly known as Theravance, Inc., is headquartered in South San Francisco, California. “
Several other equities analysts have also issued reports on the company. Robert W. Baird restated a “neutral” rating and set a $11.00 price target (up from $9.00) on shares of Innoviva in a research note on Sunday, July 31st. TheStreet upgraded Innoviva from a “sell” rating to a “hold” rating in a research note on Thursday, July 28th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $10.75.
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Shares of Innoviva (NASDAQ:INVA) traded down 0.88% during trading on Tuesday, hitting $11.26. The stock had a trading volume of 479,755 shares. Innoviva has a 52 week low of $6.36 and a 52 week high of $14.15. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 68.24 and a beta of 1.72. The stock’s 50 day moving average is $11.76 and its 200 day moving average is $11.82.
Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.06. Innoviva had a negative return on equity of 7.39% and a net margin of 20.15%. The firm had revenue of $32.47 million for the quarter, compared to analyst estimates of $31.13 million. During the same period in the previous year, the company posted ($0.07) earnings per share. The company’s quarterly revenue was up 204.6% compared to the same quarter last year. On average, equities research analysts expect that Innoviva will post $0.63 earnings per share for the current fiscal year.
In other news, CFO Eric Desparbes sold 3,700 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $11.77, for a total value of $43,549.00. Following the sale, the chief financial officer now directly owns 239,893 shares in the company, valued at approximately $2,823,540.61. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in INVA. Vanguard Group Inc. raised its stake in Innoviva by 1.8% in the second quarter. Vanguard Group Inc. now owns 5,792,193 shares of the company’s stock valued at $60,991,000 after buying an additional 103,080 shares in the last quarter. BlackRock Fund Advisors acquired a new position in shares of Innoviva during the first quarter valued at approximately $53,259,000. First Eagle Investment Management LLC increased its position in shares of Innoviva by 4.0% in the second quarter. First Eagle Investment Management LLC now owns 3,355,791 shares of the company’s stock valued at $35,336,000 after buying an additional 129,800 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Innoviva by 4.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,246,616 shares of the company’s stock valued at $23,657,000 after buying an additional 102,273 shares during the last quarter. Finally, State Street Corp increased its position in shares of Innoviva by 5.3% in the second quarter. State Street Corp now owns 1,908,366 shares of the company’s stock valued at $20,092,000 after buying an additional 95,725 shares during the last quarter. Institutional investors own 81.20% of the company’s stock.
Innoviva, Inc, formerly Theravance, Inc, focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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