Innoviva (NASDAQ:INVA) Given “Buy” Rating at BTIG Research

BTIG Research restated their buy rating on shares of Innoviva (NASDAQ:INVA) in a research report released on Thursday,Benzinga reports. The brokerage currently has a $35.00 price objective on the biotechnology company’s stock.

INVA has been the topic of several other research reports. HC Wainwright upped their price target on shares of Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th. Zacks Research downgraded Innoviva from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, Cantor Fitzgerald upped their price objective on shares of Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Innoviva currently has an average rating of “Moderate Buy” and a consensus price target of $38.17.

Innoviva Stock Down 2.9%

INVA stock opened at $23.54 on Thursday. The stock has a 50-day simple moving average of $20.81 and a two-hundred day simple moving average of $20.06. Innoviva has a twelve month low of $16.52 and a twelve month high of $25.15. The firm has a market capitalization of $1.76 billion, a PE ratio of 7.72 and a beta of 0.44. The company has a quick ratio of 13.33, a current ratio of 14.12 and a debt-to-equity ratio of 0.25.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, February 25th. The biotechnology company reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $1.60. The company had revenue of $114.61 million during the quarter, compared to analyst estimates of $102.62 million. Innoviva had a net margin of 65.92% and a return on equity of 42.18%. On average, equities analysts predict that Innoviva will post 0.33 EPS for the current fiscal year.

Institutional Trading of Innoviva

Hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning raised its stake in shares of Innoviva by 0.8% during the third quarter. Creative Planning now owns 61,365 shares of the biotechnology company’s stock worth $1,120,000 after acquiring an additional 461 shares in the last quarter. Bailard Inc. grew its holdings in shares of Innoviva by 4.7% during the 4th quarter. Bailard Inc. now owns 10,933 shares of the biotechnology company’s stock valued at $219,000 after purchasing an additional 492 shares during the last quarter. Verition Fund Management LLC raised its position in Innoviva by 0.3% in the 3rd quarter. Verition Fund Management LLC now owns 175,855 shares of the biotechnology company’s stock worth $3,209,000 after purchasing an additional 527 shares during the period. Bank of Montreal Can lifted its stake in Innoviva by 3.8% in the fourth quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company’s stock worth $295,000 after purchasing an additional 540 shares during the last quarter. Finally, Vise Technologies Inc. lifted its stake in Innoviva by 6.1% in the third quarter. Vise Technologies Inc. now owns 12,581 shares of the biotechnology company’s stock worth $230,000 after purchasing an additional 724 shares during the last quarter. Hedge funds and other 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.