BTIG Research Begins Coverage on Innoviva (NASDAQ:INVA)

Research analysts at BTIG Research assumed coverage on shares of Innoviva (NASDAQ:INVA) in a report released on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $35.00 price target on the biotechnology company’s stock. BTIG Research’s price target would indicate a potential upside of 47.93% from the company’s previous close.

A number of other research firms have also commented on INVA. Cantor Fitzgerald upped their price objective on shares of Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 25th. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. Zacks Research lowered Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Finally, HC Wainwright lifted their price target on Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Six investment 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’s stock. Based on data from MarketBeat, Innoviva presently has a consensus rating of “Moderate Buy” and an average target price of $38.17.

Innoviva Stock Performance

Shares of NASDAQ INVA opened at $23.66 on Tuesday. The stock’s fifty day simple moving average is $20.41 and its 200 day simple moving average is $19.86. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of 17.27 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 has a 52-week low of $16.52 and a 52-week high of $24.01.

Institutional Investors Weigh In On Innoviva

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

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.