Innoviva, Inc. (NASDAQ:INVA) Upgraded by Zacks Investment Research to Hold
Innoviva, Inc. (NASDAQ:INVA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
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 also recently commented on the stock. ValuEngine downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Cowen and Company set a $16.00 price objective on shares of Innoviva and gave the company a “buy” rating in a research note on Monday, May 1st. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $13.33.
Innoviva (NASDAQ INVA) traded down 0.46% during trading on Monday, reaching $12.86. 487,790 shares of the company’s stock traded hands. The firm has a 50 day moving average price of $12.27 and a 200-day moving average price of $12.01. The firm has a market cap of $1.41 billion, a PE ratio of 20.35 and a beta of 2.56. Innoviva has a 12 month low of $8.67 and a 12 month high of $14.55.
Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Thursday, April 27th. The biotechnology company reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by $0.12. The company had revenue of $40.50 million during the quarter, compared to the consensus estimate of $47.66 million. Innoviva had a net margin of 48.00% and a negative return on equity of 20.29%. Innoviva’s revenue for the quarter was up 67.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.09 EPS. On average, analysts forecast that Innoviva will post $1.08 earnings per share for the current fiscal year.
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In other news, VP Theodore J. Jr. Witek sold 7,815 shares of the firm’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 completion of the transaction, the vice president now 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 available through this hyperlink. 1.60% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in INVA. Ameritas Investment Partners Inc. increased its position in Innoviva by 868.0% in the first quarter. Ameritas Investment Partners Inc. now owns 7,328 shares of the biotechnology company’s stock valued at $101,000 after buying an additional 6,571 shares during the last quarter. Victory Capital Management Inc. acquired a new position in Innoviva during the first quarter valued at about $117,000. ARP Americas LLC acquired a new position in Innoviva during the first quarter valued at about $173,000. LS Investment Advisors LLC increased its position in Innoviva by 372.8% in the first quarter. LS Investment Advisors LLC now owns 13,900 shares of the biotechnology company’s stock valued at $192,000 after buying an additional 10,960 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its position in Innoviva by 79.1% in the second quarter. State of Alaska Department of Revenue now owns 15,327 shares of the biotechnology company’s stock valued at $196,000 after buying an additional 6,767 shares during the last quarter. 74.61% of the stock is owned by hedge funds and other institutional investors.
Innoviva Company Profile
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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