Innoviva, Inc. (NASDAQ:INVA) Receives Average Recommendation of “Moderate Buy” from Brokerages

Innoviva, Inc. (NASDAQ:INVA) has been given an average recommendation of “Moderate Buy” by the eight ratings firms that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $38.1667.

Several research analysts have recently issued reports on INVA shares. Cantor Fitzgerald upped their target price on shares of Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. HC Wainwright upped their price target on Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. BTIG Research restated a “buy” rating and issued a $35.00 price objective on shares of Innoviva in a research report on Thursday. Zacks Research lowered shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th.

Institutional Investors Weigh In On Innoviva

Large investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its stake in shares of Innoviva by 81.1% during the first quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock valued at $389,000 after acquiring an additional 9,639 shares during the last quarter. AQR Capital Management LLC increased its stake in Innoviva by 17.8% during the first quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock worth $3,036,000 after acquiring an additional 25,317 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Innoviva by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock worth $596,000 after purchasing an additional 1,392 shares in the last quarter. NewEdge Advisors LLC purchased a new position in shares of Innoviva in the 1st quarter valued at $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Innoviva by 21.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock valued at $3,102,000 after purchasing an additional 30,792 shares during the period. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Trading Down 2.9%

NASDAQ:INVA opened at $23.54 on Friday. Innoviva has a 12-month low of $16.52 and a 12-month high of $25.15. The firm has a market cap of $1.76 billion, a PE ratio of 7.72 and a beta of 0.44. The company has a current ratio of 14.12, a quick ratio of 13.33 and a debt-to-equity ratio of 0.25. The stock has a fifty day moving average price of $20.81 and a 200 day moving average price of $20.06.

Innoviva (NASDAQ:INVA) last issued its earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $0.34 by $1.60. Innoviva had a net margin of 65.92% and a return on equity of 42.18%. The firm had revenue of $114.61 million for the quarter, compared to analysts’ expectations of $102.62 million. Sell-side analysts anticipate that Innoviva will post 0.33 earnings per share for the current fiscal year.

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.