Innoviva, Inc. (NASDAQ:INVA) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

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

Several equities research analysts have weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research note on Friday, March 27th. Wall Street Zen cut Innoviva from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, BTIG Research increased their price target on Innoviva from $35.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, May 7th.

Institutional Investors Weigh In On Innoviva

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC boosted its stake in shares of Innoviva by 82.8% during the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 534 shares during the period. EverSource Wealth Advisors LLC lifted its stake 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 purchasing an additional 1,795 shares during the last quarter. Danske Bank A S bought a new position in shares of Innoviva during the third quarter valued at approximately $55,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Innoviva by 49.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock valued at $73,000 after buying an additional 1,197 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in shares of Innoviva in the second quarter worth approximately $92,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

Shares of NASDAQ:INVA opened at $22.74 on Wednesday. The firm has a fifty day simple moving average of $22.91 and a two-hundred day simple moving average of $21.43. Innoviva has a 52 week low of $16.52 and a 52 week high of $25.15. 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 capitalization of $1.68 billion, a P/E ratio of 3.78 and a beta of 0.38.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. The firm had revenue of $97.99 million for the quarter, compared to analysts’ expectations of $101.57 million. On average, analysts expect that Innoviva will post 1.94 earnings per share for the current fiscal 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.