Cowen and Company Reiterates “$16.00” Price Target for Innoviva, Inc. (INVA)
Innoviva, Inc. (NASDAQ:INVA) received a $16.00 price target from Cowen and Company in a note issued to investors on Monday. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Cowen and Company’s price objective would indicate a potential upside of 15.69% from the company’s current price.
Several other equities research analysts have also commented on the company. Zacks Investment Research lowered Innoviva from a “hold” rating to a “sell” rating in a research note on Monday, July 3rd. ValuEngine lowered Innoviva from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Stifel Nicolaus restated a “neutral” rating on shares of Innoviva in a research note on Friday, September 15th. Morgan Stanley restated an “underweight” rating and issued a $8.00 price objective (up from $7.00) on shares of Innoviva in a research note on Friday, October 6th. Finally, Robert W. Baird restated a “neutral” rating and issued a $13.00 price objective (up from $11.00) on shares of Innoviva in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $13.60.
Shares of Innoviva (INVA) traded up 0.87% during trading on Monday, hitting $13.95. The stock had a trading volume of 711,694 shares. Innoviva has a 1-year low of $8.67 and a 1-year high of $14.87. The stock’s 50-day moving average price is $13.96 and its 200 day moving average price is $13.00. The firm has a market capitalization of $1.53 billion, a P/E ratio of 17.55 and a beta of 2.60.
Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, July 26th. The biotechnology company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.28 by $0.02. The firm had revenue of $58.60 million during the quarter, compared to analyst estimates of $50.53 million. Innoviva had a negative return on equity of 27.37% and a net margin of 52.56%. Innoviva’s revenue was up 80.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 EPS. On average, analysts anticipate that Innoviva will post $1.15 earnings per share for the current year.
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Hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its stake in Innoviva by 68,215.3% in the 1st quarter. BlackRock Inc. now owns 12,000,259 shares of the biotechnology company’s stock worth $165,964,000 after buying an additional 11,982,693 shares in the last quarter. Morgan Stanley increased its stake in Innoviva by 92.2% in the 1st quarter. Morgan Stanley now owns 564,427 shares of the biotechnology company’s stock worth $7,807,000 after buying an additional 270,824 shares in the last quarter. Federated Investors Inc. PA increased its stake in Innoviva by 9.2% in the 2nd quarter. Federated Investors Inc. PA now owns 121,499 shares of the biotechnology company’s stock worth $1,555,000 after buying an additional 10,269 shares in the last quarter. KCG Holdings Inc. increased its stake in Innoviva by 63.9% in the 1st quarter. KCG Holdings Inc. now owns 30,265 shares of the biotechnology company’s stock worth $419,000 after buying an additional 11,802 shares in the last quarter. Finally, State of Wisconsin Investment Board purchased a new stake in Innoviva in the 2nd quarter worth $730,000. Institutional investors and hedge funds own 69.72% of the company’s stock.
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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