Zacks Research Upgrades Innoviva (NASDAQ:INVA) to Hold

Innoviva (NASDAQ:INVA) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday, Zacks reports.

A number of other equities research analysts also recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $46.00 price target on shares of Innoviva in a report on Monday, June 1st. Weiss Ratings lowered Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Wall Street Zen lowered shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Cantor Fitzgerald lowered their price objective 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. Finally, BTIG Research reiterated a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a research note on Monday, June 22nd. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $34.75.

Innoviva Stock Performance

INVA stock opened at $21.08 on Monday. Innoviva has a 1 year low of $16.52 and a 1 year high of $25.15. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 5.14 and a beta of 0.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01. The stock’s fifty day moving average is $21.57 and its two-hundred day moving average is $22.35.

Hedge Funds Weigh In On Innoviva

Several institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System raised its stake in shares of Innoviva by 2,394.5% in the second quarter. California State Teachers Retirement System now owns 1,857,587 shares of the biotechnology company’s stock worth $42,186,000 after acquiring an additional 1,783,119 shares during the last quarter. AXQ Capital LP acquired a new stake in shares of Innoviva in the second quarter valued at approximately $827,000. Nykredit A S acquired a new position in Innoviva during the 2nd quarter worth $225,000. Headlands Technologies LLC boosted its position in Innoviva by 397.5% in the 2nd quarter. Headlands Technologies LLC now owns 49,033 shares of the biotechnology company’s stock valued at $1,114,000 after buying an additional 39,177 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Innoviva in the 2nd quarter valued at $481,000. Institutional investors own 99.12% of the company’s stock.

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.