Innoviva (NASDAQ:INVA) Price Target Increased to $13.00 by Analysts at Morgan Stanley

Innoviva (NASDAQ:INVA – Get Rating) had its target price lifted by stock analysts at Morgan Stanley from $12.00 to $13.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “underweight” rating on the biotechnology company’s stock. Morgan Stanley’s price target would suggest a potential downside of 32.82% from the company’s previous close.

Separately, StockNews.com began coverage on Innoviva in a research report on Thursday, March 31st. They issued a “buy” rating for the company.

INVA stock traded up $0.20 during midday trading on Tuesday, reaching $19.35. The stock had a trading volume of 3,743 shares, compared to its average volume of 1,213,440. The business has a fifty day simple moving average of $18.70 and a two-hundred day simple moving average of $17.56. The company has a quick ratio of 54.02, a current ratio of 54.02 and a debt-to-equity ratio of 0.75. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 6.96 and a beta of 0.44. Innoviva has a twelve month low of $11.15 and a twelve month high of $20.71.

Innoviva (NASDAQ:INVA – Get Rating) last announced its quarterly earnings data on Wednesday, February 9th. The biotechnology company reported $0.55 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.14. The firm had revenue of $107.68 million during the quarter. Innoviva had a return on equity of 56.88% and a net margin of 67.84%. On average, equities analysts predict that Innoviva will post 1.94 earnings per share for the current fiscal year.

In related news, Director Innoviva, Inc. bought 5,385,208 shares of Innoviva stock in a transaction on Thursday, March 31st. The shares were purchased at an average price of $5.00 per share, for a total transaction of $26,926,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.89% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Fieldpoint Private Securities LLC lifted its holdings in shares of Innoviva by 71.4% during the 4th quarter. Fieldpoint Private Securities LLC now owns 1,800 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 750 shares in the last quarter. Banque Cantonale Vaudoise lifted its holdings in shares of Innoviva by 39.0% during the 3rd quarter. Banque Cantonale Vaudoise now owns 4,052 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 1,136 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Innoviva by 660.0% during the 2nd quarter. Royal Bank of Canada now owns 6,126 shares of the biotechnology company’s stock valued at $82,000 after purchasing an additional 5,320 shares in the last quarter. Rafferty Asset Management LLC bought a new position in shares of Innoviva during the 3rd quarter valued at about $172,000. Finally, Teacher Retirement System of Texas bought a new position in shares of Innoviva during the 3rd quarter valued at about $177,000. Institutional investors and hedge funds own 99.99% of the company’s stock.

Innoviva Company Profile (Get Rating)

Innoviva, Inc engages in the development and commercialization of pharmaceuticals in the United States and internationally. Its products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA, and LABA.

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