Brokerages Set Innoviva, Inc. (NASDAQ:INVA) Price Target at $34.80

Innoviva, Inc. (NASDAQ:INVA) has received an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $34.80.

INVA has been the topic of a number of research analyst reports. BTIG Research reissued a “buy” rating and issued a $35.00 target price on shares of Innoviva in a research report on Thursday, February 26th. HC Wainwright raised their price target on Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th.

Institutional Trading of Innoviva

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

Innoviva Stock Performance

Shares of INVA stock opened at $22.66 on Tuesday. Innoviva has a 1-year low of $16.52 and a 1-year high of $25.15. The firm has a market cap of $1.68 billion, a PE ratio of 7.43 and a beta of 0.42. The company has a 50-day moving average of $21.88 and a two-hundred day moving average of $20.34. The company has a debt-to-equity ratio of 0.22, a current ratio of 14.64 and a quick ratio of 13.85.

Innoviva (NASDAQ:INVA) last released its quarterly 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 the consensus estimate of $102.62 million. Innoviva had a net margin of 65.92% and a return on equity of 37.63%. On average, analysts predict that Innoviva will post 0.33 EPS for the current year.

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.