Innoviva (NASDAQ:INVA) Cut to Buy at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen downgraded shares of Innoviva (NASDAQ:INVA – Free Report) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

Other equities research analysts have also recently issued research reports about the company. HC Wainwright upped their price objective on Innoviva from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. Oppenheimer started coverage on Innoviva in a research note on Monday, August 11th. They set an “outperform” rating and a $45.00 price objective on the stock. Finally, Cantor Fitzgerald started coverage on Innoviva in a research note on Friday, July 11th. They set an “overweight” rating and a $26.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $42.75.

Get Our Latest Report on Innoviva

Innoviva Trading Up 0.9%

NASDAQ:INVA opened at $19.55 on Friday. Innoviva has a twelve month low of $16.67 and a twelve month high of $22.00. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average price of $19.63 and a two-hundred day moving average price of $19.10. The company has a market cap of $1.23 billion, a P/E ratio of 63.07 and a beta of 0.47.

Innoviva (NASDAQ:INVA – Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.20. Innoviva had a return on equity of 18.67% and a net margin of 10.44%.The company had revenue of $100.28 million for the quarter, compared to analysts’ expectations of $87.10 million. As a group, analysts expect that Innoviva will post 0.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. increased its position in shares of Innoviva by 592.1% in the second quarter. Osaic Holdings Inc. now owns 8,700 shares of the biotechnology company’s stock worth $165,000 after purchasing an additional 7,443 shares during the period. Neuberger Berman Group LLC bought a new position in shares of Innoviva in the second quarter worth $222,000. Public Sector Pension Investment Board increased its position in shares of Innoviva by 7.8% in the second quarter. Public Sector Pension Investment Board now owns 188,363 shares of the biotechnology company’s stock worth $3,784,000 after purchasing an additional 13,695 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Innoviva by 896.7% in the second quarter. Tower Research Capital LLC TRC now owns 6,907 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 6,214 shares during the period. Finally, Man Group plc increased its position in shares of Innoviva by 25.2% in the second quarter. Man Group plc now owns 624,650 shares of the biotechnology company’s stock worth $12,549,000 after purchasing an additional 125,802 shares during the period. Institutional investors own 99.12% of the company’s stock.

About Innoviva

(Get Free Report)

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.

Read More