Analysts Set Innoviva, Inc. (NASDAQ:INVA) Price Target at $34.80

Shares of Innoviva, Inc. (NASDAQ:INVA) have earned a consensus rating of “Moderate Buy” from the seven research firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $34.80.

Several equities analysts have issued reports on INVA shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. BTIG Research reissued a “buy” rating and issued a $35.00 price target on shares of Innoviva in a report on Thursday, February 26th. Finally, HC Wainwright lifted their price target on Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th.

Institutional Investors Weigh In On Innoviva

Several institutional investors have recently made changes to their positions in INVA. Elevation Point Wealth Partners LLC purchased a new position in shares of Innoviva in the 2nd quarter valued at about $43,000. EverSource Wealth Advisors LLC boosted its holdings in Innoviva by 297.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,795 shares in the last quarter. Danske Bank A S purchased a new stake in Innoviva during the third quarter worth about $55,000. Asset Management One Co. Ltd. acquired a new position in Innoviva during the third quarter worth about $60,000. Finally, Toth Financial Advisory Corp purchased a new position in Innoviva in the third quarter valued at about $63,000. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Stock Up 0.3%

Shares of NASDAQ:INVA opened at $22.66 on Tuesday. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 7.43 and a beta of 0.42. The firm’s 50-day simple moving average is $21.82 and its 200-day simple moving average is $20.33. The company has a quick ratio of 13.85, a current ratio of 14.64 and a debt-to-equity ratio of 0.22. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $1.60. The firm had revenue of $114.61 million during the quarter, compared to analysts’ expectations of $102.62 million. Innoviva had a net margin of 65.92% and a return on equity of 37.63%. As a group, equities research analysts predict that Innoviva will post 0.33 earnings per share for the current year.

Innoviva Company Profile

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.