Innoviva Inc (INVA) Receives Average Rating of “Buy” from Analysts

Shares of Innoviva Inc (NASDAQ:INVA) have earned a consensus recommendation of “Buy” from the seven ratings firms that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $15.67.

A number of research analysts recently commented on the stock. ValuEngine downgraded shares of Innoviva from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. BidaskClub raised shares of Innoviva from a “sell” rating to a “hold” rating in a research report on Thursday, September 6th. Finally, Zacks Investment Research raised shares of Innoviva from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Wednesday.

In other Innoviva news, VP Theodore J. Jr. Witek sold 8,504 shares of the firm’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $14.12, for a total transaction of $120,076.48. Following the transaction, the vice president now directly owns 256,271 shares of the company’s stock, valued at approximately $3,618,546.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.60% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio grew its position in Innoviva by 153.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 37,217 shares of the biotechnology company’s stock worth $514,000 after purchasing an additional 22,526 shares during the last quarter. Russell Investments Group Ltd. grew its position in Innoviva by 943.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 59,592 shares of the biotechnology company’s stock worth $821,000 after purchasing an additional 53,880 shares during the last quarter. GAM Holding AG grew its position in Innoviva by 40.5% during the 2nd quarter. GAM Holding AG now owns 64,263 shares of the biotechnology company’s stock worth $887,000 after purchasing an additional 18,535 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Innoviva by 10.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,909,111 shares of the biotechnology company’s stock worth $26,346,000 after purchasing an additional 185,825 shares during the last quarter. Finally, LSV Asset Management grew its position in Innoviva by 721.5% during the 2nd quarter. LSV Asset Management now owns 899,535 shares of the biotechnology company’s stock worth $12,413,000 after purchasing an additional 790,035 shares during the last quarter. 72.44% of the stock is currently owned by institutional investors.

NASDAQ INVA opened at $16.39 on Friday. The firm has a market capitalization of $1.59 billion, a P/E ratio of 14.01 and a beta of 2.19. Innoviva has a 12 month low of $12.21 and a 12 month high of $17.99.

Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, October 31st. The biotechnology company reported $0.43 EPS for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.06). The company had revenue of $61.70 million during the quarter, compared to analysts’ expectations of $64.00 million. Innoviva had a net margin of 75.67% and a negative return on equity of 110.01%. The company’s quarterly revenue was up 27.0% on a year-over-year basis. During the same period last year, the business earned $0.21 earnings per share. As a group, research analysts predict that Innoviva will post 1.91 earnings per share for the current fiscal year.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of bio-pharmaceuticals. Its portfolio of respiratory products include RELVAR/BREO ELLIPTA, (fluticasone furoate/ vilanterol, FF/VI); ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI); and TRELEGY ELLIPTA (the combination FF/UMEC/VI).

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