Innoviva (INVA) Rating Increased to Hold at Zacks Investment Research

Innoviva (NASDAQ:INVA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

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 subject of several other research reports. Deutsche Bank initiated coverage on Innoviva in a research report on Monday, November 20th. They issued a “hold” rating and a $13.00 target price for the company. Robert W. Baird reaffirmed a “hold” rating and issued a $13.00 target price on shares of Innoviva in a research report on Tuesday, October 24th. Cowen set a $16.00 target price on Innoviva and gave the stock a “buy” rating in a research report on Monday, October 23rd. Finally, BidaskClub raised Innoviva from a “hold” rating to a “buy” rating in a research report on Thursday, December 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. Innoviva has an average rating of “Hold” and a consensus price target of $13.83.

Shares of Innoviva (NASDAQ:INVA) opened at $15.43 on Friday. The company has a market capitalization of $1,666.67, a price-to-earnings ratio of 13.30 and a beta of 2.52. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of -2.59. Innoviva has a 12-month low of $10.87 and a 12-month high of $16.11.

Innoviva (NASDAQ:INVA) last issued its earnings results on Thursday, February 8th. The biotechnology company reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The business had revenue of $69.52 million during the quarter, compared to analysts’ expectations of $67.41 million. Innoviva had a negative return on equity of 47.13% and a net margin of 61.76%. Innoviva’s revenue was up 59.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.22 earnings per share. research analysts expect that Innoviva will post 2.01 EPS for the current year.

In related news, insider Michael W. Aguiar sold 12,022 shares of Innoviva stock in a transaction on Monday, December 4th. The stock was sold at an average price of $13.13, for a total transaction of $157,848.86. Following the completion of the sale, the insider now owns 980,907 shares of the company’s stock, valued at $12,879,308.91. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Eric Desparbes sold 15,285 shares of Innoviva stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $13.28, for a total value of $202,984.80. Following the sale, the chief financial officer now directly owns 337,027 shares of the company’s stock, valued at approximately $4,475,718.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,522 shares of company stock valued at $429,985. Insiders own 1.60% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Innoviva by 3.1% during the second quarter. Vanguard Group Inc. now owns 7,459,616 shares of the biotechnology company’s stock valued at $95,483,000 after purchasing an additional 226,969 shares during the last quarter. Sarissa Capital Management LP boosted its position in Innoviva by 3.2% during the third quarter. Sarissa Capital Management LP now owns 3,600,705 shares of the biotechnology company’s stock valued at $50,841,000 after purchasing an additional 110,000 shares during the last quarter. State Street Corp boosted its position in Innoviva by 14.7% during the second quarter. State Street Corp now owns 2,717,255 shares of the biotechnology company’s stock valued at $34,782,000 after purchasing an additional 348,584 shares during the last quarter. Northern Trust Corp boosted its position in Innoviva by 11.3% during the second quarter. Northern Trust Corp now owns 1,243,046 shares of the biotechnology company’s stock valued at $15,911,000 after purchasing an additional 126,246 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Innoviva by 22.4% during the third quarter. Dimensional Fund Advisors LP now owns 981,854 shares of the biotechnology company’s stock valued at $13,864,000 after purchasing an additional 179,860 shares during the last quarter. 74.17% of the stock is owned by hedge funds and other institutional investors.

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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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