Wall Street Zen Upgrades Innoviva (NASDAQ:INVA) to Buy

Innoviva (NASDAQ:INVA) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other brokerages have also recently weighed in on INVA. BTIG Research restated a “buy” rating and set a $42.00 price objective on shares of Innoviva in a research note on Tuesday, May 26th. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research note on Friday, March 27th. Finally, HC Wainwright restated a “buy” rating and set a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Innoviva has an average rating of “Moderate Buy” and an average target price of $36.20.

Innoviva Price Performance

Shares of NASDAQ INVA opened at $22.52 on Friday. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The firm’s 50-day simple moving average is $22.88 and its 200 day simple moving average is $21.75. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.66 billion, a P/E ratio of 3.75 and a beta of 0.35.

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

Institutional Investors Weigh In On Innoviva

Hedge funds and other institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC raised its position in Innoviva by 82.8% in the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock worth $27,000 after acquiring an additional 534 shares in the last quarter. 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 worth $48,000 after acquiring an additional 1,795 shares in the last quarter. Danske Bank A S bought a new stake in Innoviva in the third quarter worth about $55,000. Mirae Asset Global Investments Co. Ltd. raised its position in Innoviva by 49.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock worth $73,000 after acquiring an additional 1,197 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Innoviva in the second quarter worth about $92,000. 99.12% of the stock is currently owned by institutional investors.

Innoviva Company Profile

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.