Innoviva, Inc. (NASDAQ:INVA) Given Average Recommendation of “Moderate Buy” by Brokerages

Innoviva, Inc. (NASDAQ:INVA) has earned an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $36.20.

A number of brokerages have recently weighed in on INVA. HC Wainwright reissued a “buy” rating and set a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Friday, March 27th. BTIG Research reissued a “buy” rating and set a $42.00 price target on shares of Innoviva in a research report on Tuesday, May 26th. Finally, Wall Street Zen raised shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Saturday.

Innoviva Price Performance

Shares of INVA stock opened at $22.52 on Friday. Innoviva has a 52-week low of $16.52 and a 52-week high of $25.15. The stock has a market cap of $1.66 billion, a PE ratio of 3.75 and a beta of 0.35. The company has a debt-to-equity ratio of 0.19, a quick ratio of 20.07 and a current ratio of 21.13. The firm’s 50 day moving average price is $22.88 and its two-hundred day moving average price is $21.75.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $97.99 million for the quarter, compared to analysts’ expectations of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. As a group, analysts forecast that Innoviva will post 2.23 EPS for the current year.

Hedge Funds Weigh In On Innoviva

Large investors have recently modified their holdings of the business. Royal Bank of Canada grew its stake in Innoviva by 81.1% in the first quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock valued at $389,000 after purchasing an additional 9,639 shares in the last quarter. AQR Capital Management LLC grew its stake in Innoviva by 17.8% in the first quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock valued at $3,036,000 after purchasing an additional 25,317 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Innoviva by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock valued at $596,000 after purchasing an additional 1,392 shares in the last quarter. NewEdge Advisors LLC bought a new position in Innoviva in the first quarter valued at approximately $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Innoviva by 21.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock valued at $3,102,000 after purchasing an additional 30,792 shares in the last quarter. 99.12% of the stock is currently 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.