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

Shares of Innoviva, Inc. (NASDAQ:INVA) have been assigned a consensus rating of “Moderate Buy” from the seven ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $36.20.

Several analysts have recently issued reports on INVA shares. BTIG Research reiterated a “buy” rating and issued a $42.00 target price on shares of Innoviva in a research note on Monday, June 22nd. Wall Street Zen raised shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a report on Wednesday, June 24th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $46.00 price objective on shares of Innoviva in a research report on Monday, June 1st.

Innoviva Stock Down 3.6%

Shares of NASDAQ:INVA opened at $21.90 on Thursday. The business’s 50 day moving average is $22.64 and its 200 day moving average is $21.96. Innoviva has a 12-month low of $16.52 and a 12-month high of $25.15. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 3.64 and a beta of 0.34. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19.

Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.The business had revenue of $97.99 million during the quarter, compared to analyst estimates of $101.57 million. On average, sell-side analysts forecast that Innoviva will post 2.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innoviva

Hedge funds and other institutional investors have recently modified their holdings of the business. Parallel Advisors LLC grew its holdings in shares of Innoviva by 82.8% in the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock valued at $27,000 after acquiring an additional 534 shares in the last quarter. Bank of America Corp DE lifted its holdings in Innoviva by 6.6% during the first quarter. Bank of America Corp DE now owns 1,619,994 shares of the biotechnology company’s stock worth $37,746,000 after acquiring an additional 100,791 shares during the period. Edgestream Partners L.P. bought a new stake in Innoviva during the first quarter worth $3,081,000. California State Teachers Retirement System boosted its position in Innoviva by 42.2% in the first quarter. California State Teachers Retirement System now owns 74,468 shares of the biotechnology company’s stock worth $1,735,000 after purchasing an additional 22,103 shares during the last quarter. Finally, Empowered Funds LLC boosted its position in Innoviva by 125.2% in the first quarter. Empowered Funds LLC now owns 168,055 shares of the biotechnology company’s stock worth $3,916,000 after purchasing an additional 93,424 shares during the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

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.