Robert W. Baird Reaffirms “Hold” Rating for Innoviva, Inc. (INVA)
Innoviva, Inc. (NASDAQ:INVA)‘s stock had its “hold” rating restated by analysts at Robert W. Baird in a research report issued to clients and investors on Tuesday. They currently have a $13.00 price objective on the biotechnology company’s stock. Robert W. Baird’s price objective would suggest a potential downside of 6.41% from the stock’s previous close.
Several other analysts also recently weighed in on the stock. Cowen and Company set a $16.00 price objective on shares of Innoviva and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley restated an “underweight” rating and set a $8.00 price objective (up previously from $7.00) on shares of Innoviva in a research report on Friday, October 6th. ValuEngine upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Stifel Nicolaus restated a “neutral” rating on shares of Innoviva in a research report on Friday, September 15th. Finally, Zacks Investment Research downgraded shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 16th. One research 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. The company presently has a consensus rating of “Hold” and an average price target of $13.60.
Shares of Innoviva (INVA) traded up 0.43% on Tuesday, reaching $13.89. 1,012,222 shares of the company’s stock were exchanged. The firm has a market capitalization of $1.52 billion, a P/E ratio of 17.47 and a beta of 2.60. The firm has a 50 day moving average of $13.96 and a 200 day moving average of $13.00. Innoviva has a one year low of $8.67 and a one year high of $14.87.
Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.02. The business had revenue of $58.60 million during the quarter, compared to the consensus estimate of $50.53 million. Innoviva had a net margin of 52.56% and a negative return on equity of 27.37%. The company’s revenue was up 80.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.13 EPS. On average, equities research analysts predict that Innoviva will post $1.15 EPS for the current year.
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A number of hedge funds have recently added to or reduced their stakes in INVA. Ameritas Investment Partners Inc. raised its position in Innoviva by 868.0% in the 1st quarter. Ameritas Investment Partners Inc. now owns 7,328 shares of the biotechnology company’s stock valued at $101,000 after purchasing an additional 6,571 shares during the last quarter. Victory Capital Management Inc. acquired a new position in Innoviva in the 1st quarter valued at $117,000. Cubist Systematic Strategies LLC increased its stake in Innoviva by 37.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 13,005 shares of the biotechnology company’s stock valued at $166,000 after buying an additional 3,569 shares during the period. Profund Advisors LLC increased its stake in Innoviva by 8.8% in the 2nd quarter. Profund Advisors LLC now owns 15,220 shares of the biotechnology company’s stock valued at $195,000 after buying an additional 1,227 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in Innoviva by 79.1% in the 2nd 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 period. Hedge funds and other institutional investors own 69.72% of the company’s stock.
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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