Innoviva’s (INVA) Outperform Rating Reiterated at Oppenheimer

Innoviva (NASDAQ:INVA)‘s stock had its “outperform” rating restated by equities researchers at Oppenheimer in a note issued to investors on Wednesday, Benzinga reports. They presently have a $35.00 target price on the biotechnology company’s stock. Oppenheimer’s price target suggests a potential upside of 66.83% from the company’s current price.

A number of other equities research analysts also recently weighed in on INVA. Wall Street Zen downgraded Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings raised shares of Innoviva from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, September 9th. Cantor Fitzgerald dropped their target price on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. BTIG Research reissued a “buy” rating and set a $42.00 target price on shares of Innoviva in a research note on Monday, June 22nd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $46.00 price target on shares of Innoviva in a research note on Monday, June 1st. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Innoviva has an average rating of “Moderate Buy” and a consensus price target of $34.80.

Innoviva Stock Performance

Shares of Innoviva stock opened at $20.98 on Wednesday. The business has a 50-day moving average price of $21.14 and a two-hundred day moving average price of $22.13. Innoviva has a 1-year low of $16.52 and a 1-year high of $25.15. The company has a current ratio of 16.01, a quick ratio of 15.18 and a debt-to-equity ratio of 0.21. The company has a market cap of $1.52 billion, a P/E ratio of 5.12 and a beta of 0.33.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC lifted its stake 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 buying an additional 534 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Innoviva in the 2nd quarter worth about $30,000. Allworth Financial LP bought a new position in Innoviva in the 2nd quarter valued at about $42,000. Mint Tower Capital Management B.V. acquired a new position in Innoviva during the 2nd quarter valued at about $47,000. Finally, Virtus Advisers LLC bought a new stake in Innoviva during the 2nd quarter worth approximately $162,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

About Innoviva

Innoviva, Inc is a biopharmaceutical company focused on developing and commercializing healthcare products through strategic partnerships, royalty arrangements and investments in biotechnology businesses. The company’s portfolio has historically centered on respiratory medicines, with rights connected to products developed with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Breo Ellipta.

Innoviva generally operates as an asset-focused healthcare company rather than as a traditional commercial pharmaceutical manufacturer.