Innoviva (INVA) Downgraded to “Sell” at Zacks Investment Research

Innoviva (NASDAQ:INVA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

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. “

INVA has been the topic of several other research reports. Morgan Stanley reiterated an “underweight” rating and set a $8.00 price objective (up previously from $7.00) on shares of Innoviva in a report on Friday, October 6th. Deutsche Bank started coverage on Innoviva in a report on Monday, November 20th. They set a “hold” rating and a $13.00 price objective on the stock. Robert W. Baird reiterated a “hold” rating and set a $13.00 price objective on shares of Innoviva in a report on Tuesday, October 24th. Cowen set a $16.00 price objective on Innoviva and gave the company a “buy” rating in a report on Monday, October 23rd. Finally, BidaskClub upgraded Innoviva from a “hold” rating to a “buy” rating in a report on Thursday, December 21st. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Innoviva has a consensus rating of “Hold” and an average target price of $13.50.

Innoviva (NASDAQ:INVA) opened at $14.39 on Friday. Innoviva has a 1-year low of $10.47 and a 1-year high of $16.11. The company has a current ratio of 6.71, a quick ratio of 6.71 and a debt-to-equity ratio of -2.59. The firm has a market capitalization of $1,600.78, a PE ratio of 16.54 and a beta of 2.52.

In other Innoviva news, insider Michael W. Aguiar sold 12,022 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $13.13, for a total value of $157,848.86. Following the sale, the insider now owns 980,907 shares in the company, valued at approximately $12,879,308.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP George B. Abercrombie sold 5,215 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $13.26, for a total value of $69,150.90. Following the completion of the sale, the vice president now owns 263,866 shares in the company, valued at approximately $3,498,863.16. The disclosure for this sale can be found here. Insiders sold a total of 32,522 shares of company stock worth $429,985 in the last 90 days. Company insiders own 1.60% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. lifted its stake in Innoviva by 33,810.3% in the 3rd quarter. Sei Investments Co. now owns 9,834 shares of the biotechnology company’s stock valued at $138,000 after acquiring an additional 9,805 shares in the last quarter. Macquarie Group Ltd. bought a new stake in Innoviva in the 3rd quarter valued at approximately $144,000. Jane Street Group LLC bought a new stake in Innoviva in the 3rd quarter valued at approximately $144,000. Cubist Systematic Strategies LLC lifted 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 acquiring an additional 3,569 shares in the last quarter. Finally, Magnetar Financial LLC bought a new stake in Innoviva in the 3rd quarter valued at approximately $182,000. Hedge funds and other institutional investors own 74.31% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This article was posted by American Banking News and is the property of of American Banking News. If you are reading this article on another domain, it was stolen and republished in violation of U.S. & international copyright and trademark laws. The original version of this article can be accessed at https://www.americanbankingnews.com/2018/02/03/innoviva-inva-downgraded-to-sell-at-zacks-investment-research.html.

About Innoviva

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)).

Get a free copy of the Zacks research report on Innoviva (INVA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Innoviva (NASDAQ:INVA)

Receive News & Ratings for Innoviva Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innoviva and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply