Innoviva (NASDAQ:INVA) Upgraded to “Strong-Buy” at Wall Street Zen

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

INVA has been the topic of a number of other research reports. The Goldman Sachs Group initiated coverage on Innoviva in a research note on Tuesday, September 30th. They issued a “sell” rating and a $17.00 target price on the stock. Oppenheimer initiated coverage on Innoviva in a research note on Monday, August 11th. They issued an “outperform” rating and a $45.00 target price on the stock. Zacks Research upgraded Innoviva from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. HC Wainwright boosted their target price on Innoviva from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Finally, Cantor Fitzgerald initiated coverage on Innoviva in a research note on Friday, July 11th. They issued an “overweight” rating and a $26.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $37.60.

Innoviva Price Performance

INVA stock opened at $17.71 on Friday. The company has a market capitalization of $1.12 billion, a P/E ratio of 57.13 and a beta of 0.40. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64. Innoviva has a 52-week low of $16.52 and a 52-week high of $22.00. The business has a 50-day simple moving average of $18.96 and a two-hundred day simple moving average of $19.18.

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

Hedge Funds Weigh In On Innoviva

Institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in Innoviva by 2.6% in the first quarter. Principal Financial Group Inc. now owns 305,476 shares of the biotechnology company’s stock valued at $5,538,000 after purchasing an additional 7,700 shares during the last quarter. GAMMA Investing LLC lifted its stake in Innoviva by 58.9% in the second quarter. GAMMA Investing LLC now owns 7,146 shares of the biotechnology company’s stock valued at $144,000 after purchasing an additional 2,648 shares during the last quarter. US Bancorp DE lifted its stake in Innoviva by 356.0% in the first quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company’s stock valued at $231,000 after purchasing an additional 9,956 shares during the last quarter. Ballentine Partners LLC bought a new stake in Innoviva during the 2nd quarter valued at $350,000. Finally, Nuveen LLC bought a new stake in Innoviva during the 1st quarter valued at $7,307,000. Hedge funds and other institutional investors 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.