Innoviva Inc. (INVA) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Innoviva Inc. (NASDAQ:INVA) from a hold rating to a buy rating in a research report released on Tuesday morning. The brokerage currently has $13.00 price objective on the stock.
According to Zacks, “Innoviva, Inc. is focused on the development, commercialization and financial management of bio-pharmaceuticals. The company’s portfolio of respiratory assets partnered with Glaxo Group Limited, including RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) ELLIPTA(R). Innoviva, Inc., formerly known as Theravance, Inc., is headquartered in South San Francisco, California. “
Several other brokerages have also commented on INVA. TheStreet upgraded shares of Innoviva from a sell rating to a hold rating in a research note on Thursday, July 28th. Robert W. Baird reiterated a neutral rating and issued a $11.00 target price (up from $9.00) on shares of Innoviva in a research note on Sunday, July 31st. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Innoviva presently has an average rating of Hold and a consensus target price of $10.75.
Shares of Innoviva (NASDAQ:INVA) opened at 11.45 on Tuesday. Innoviva has a 12 month low of $6.36 and a 12 month high of $14.15. The company’s 50 day moving average is $11.67 and its 200-day moving average is $11.81. The company has a market cap of $1.27 billion, a P/E ratio of 69.39 and a beta of 1.72.
Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.06. Innoviva had a net margin of 20.15% and a negative return on equity of 7.39%. The company had revenue of $32.47 million for the quarter, compared to analyst estimates of $31.13 million. During the same quarter in the prior year, the business posted ($0.07) EPS. Innoviva’s quarterly revenue was up 204.6% on a year-over-year basis. Analysts expect that Innoviva will post $0.63 EPS for the current fiscal year.
In other Innoviva news, CFO Eric Desparbes sold 3,700 shares of the stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $11.77, for a total value of $43,549.00. Following the completion of the sale, the chief financial officer now directly owns 239,893 shares of the company’s stock, valued at approximately $2,823,540.61. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.60% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Teacher Retirement System of Texas increased its stake in shares of Innoviva by 4.4% in the second quarter. Teacher Retirement System of Texas now owns 11,183 shares of the company’s stock worth $118,000 after buying an additional 468 shares during the period. Legal & General Group Plc increased its stake in shares of Innoviva by 16.6% in the second quarter. Legal & General Group Plc now owns 19,631 shares of the company’s stock worth $204,000 after buying an additional 2,794 shares during the period. Mackenzie Financial Corp increased its position in Innoviva by 34.0% in the second quarter. Mackenzie Financial Corp now owns 15,496 shares of the company’s stock worth $163,000 after buying an additional 3,930 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in Innoviva by 2.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 294,326 shares of the company’s stock worth $3,100,000 after buying an additional 5,670 shares during the last quarter. Finally, Teachers Advisors Inc. increased its position in Innoviva by 4.6% in the second quarter. Teachers Advisors Inc. now owns 130,517 shares of the company’s stock worth $1,374,000 after buying an additional 5,704 shares during the last quarter. 81.20% of the stock is owned by hedge funds and other institutional investors.
Innoviva Company Profile
Innoviva, Inc, formerly Theravance, Inc, focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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