Innoviva (NASDAQ:INVA) Raised to Strong-Buy at Wall Street Zen

Innoviva (NASDAQ:INVA) was upgraded by research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Sunday.

A number of other brokerages have also commented on INVA. Cantor Fitzgerald began coverage on Innoviva in a report on Friday, July 11th. They set an “overweight” rating and a $26.00 price target on the stock. Oppenheimer began coverage on Innoviva in a report on Monday, August 11th. They set an “outperform” rating and a $45.00 price target on the stock. Finally, HC Wainwright raised their price target on Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, August 11th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $42.75.

Innoviva Price Performance

Shares of NASDAQ INVA opened at $19.19 on Friday. The firm has a market capitalization of $1.21 billion, a PE ratio of 61.91 and a beta of 0.47. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. Innoviva has a 1-year low of $16.67 and a 1-year high of $22.00. The business’s fifty day moving average price is $19.66 and its two-hundred day moving average price is $19.14.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.20. The company had revenue of $100.28 million for the quarter, compared to analyst estimates of $87.10 million. Innoviva had a return on equity of 18.67% and a net margin of 10.44%. On average, research analysts expect that Innoviva will post 0.33 EPS for the current year.

Institutional Trading of Innoviva

Institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC boosted its stake in Innoviva by 157.5% in the 2nd quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 1,131 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new position in Innoviva in the second quarter worth $43,000. EverSource Wealth Advisors LLC boosted 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 in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Innoviva in the first quarter worth $56,000. Finally, Lazard Asset Management LLC acquired a new position in Innoviva in the second quarter worth $92,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

About Innoviva

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s 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) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.