BTIG Research Reaffirms Buy Rating for Innoviva (NASDAQ:INVA)

Innoviva (NASDAQ:INVA)‘s stock had its “buy” rating reaffirmed by equities research analysts at BTIG Research in a report issued on Thursday,Benzinga reports. They presently have a $35.00 price objective on the biotechnology company’s stock. BTIG Research’s target price would indicate a potential upside of 52.44% from the stock’s current price.

INVA has been the topic of a number of other reports. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. Cantor Fitzgerald increased their target price on shares of Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Zacks Research cut shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, HC Wainwright raised their price objective on shares of Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Innoviva has a consensus rating of “Moderate Buy” and a consensus target price of $38.17.

Innoviva Stock Performance

Shares of INVA opened at $22.96 on Thursday. The company has a quick ratio of 13.33, a current ratio of 14.12 and a debt-to-equity ratio of 0.25. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 7.53 and a beta of 0.44. Innoviva has a 12 month low of $16.52 and a 12 month high of $25.15. The company’s fifty day moving average is $20.87 and its 200-day moving average is $20.08.

Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $1.60. The business had revenue of $114.61 million for the quarter, compared to analyst estimates of $102.62 million. Innoviva had a net margin of 65.92% and a return on equity of 42.18%. Equities analysts expect that Innoviva will post 0.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of INVA. Elevation Point Wealth Partners LLC acquired a new position in shares of Innoviva during the 2nd quarter worth approximately $43,000. EverSource Wealth Advisors LLC raised its position in Innoviva by 297.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,795 shares during the last quarter. Danske Bank A S acquired a new position in shares of Innoviva during the third quarter worth $55,000. Asset Management One Co. Ltd. bought a new stake in Innoviva in the third quarter valued at approximately $60,000. Finally, Toth Financial Advisory Corp acquired a new stake in Innoviva during the 3rd quarter worth about $63,000. 99.12% of the stock is owned by institutional investors and hedge funds.

About Innoviva

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.