Innoviva (NASDAQ:INVA) Stock Rated “Outperform” in New Coverage at Oppenheimer

by · The Markets Daily

Oppenheimer assumed coverage on shares of Innoviva (NASDAQ:INVA – Free Report) in a report issued on Wednesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $35.00 price objective on the biotechnology company’s stock.

INVA has been the topic of several other research reports. Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Cantor Fitzgerald dropped their price objective on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. BTIG Research restated a “buy” rating and set a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. Zacks Research upgraded Innoviva from a “strong sell” rating to a “hold” rating in a research report on Monday, August 31st. Finally, Weiss Ratings raised Innoviva from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, September 9th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $34.80.

Check Out Our Latest Stock Report on INVA

Innoviva Price Performance

Innoviva stock opened at $20.74 on Wednesday. The firm has a market capitalization of $1.50 billion, a PE ratio of 5.06, a P/E/G ratio of 2.98 and a beta of 0.33. Innoviva has a 52 week low of $16.52 and a 52 week high of $25.15. The firm’s 50-day simple moving average is $21.05 and its 200 day simple moving average is $22.10. The company has a quick ratio of 15.18, a current ratio of 16.01 and a debt-to-equity ratio of 0.21.

Hedge Funds Weigh In On Innoviva

Several institutional investors and hedge funds have recently modified their holdings of INVA. QRG Capital Management Inc. grew its stake in Innoviva by 17.2% in the 2nd quarter. QRG Capital Management Inc. now owns 118,767 shares of the biotechnology company’s stock worth $2,697,000 after acquiring an additional 17,456 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in Innoviva by 14.9% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 10,207 shares of the biotechnology company’s stock valued at $232,000 after acquiring an additional 1,326 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in shares of Innoviva by 8.0% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 178,507 shares of the biotechnology company’s stock worth $4,054,000 after purchasing an additional 13,293 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Innoviva by 3.2% during the 2nd quarter. NewEdge Advisors LLC now owns 33,695 shares of the biotechnology company’s stock worth $765,000 after purchasing an additional 1,048 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of Innoviva during the second quarter worth $441,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

About Innoviva

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Innoviva, Inc is a biopharmaceutical company focused on developing and commercializing healthcare products through strategic partnerships, royalty arrangements and investments in biotechnology businesses. The company’s portfolio has historically centered on respiratory medicines, with rights connected to products developed with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Breo Ellipta.

Innoviva generally operates as an asset-focused healthcare company rather than as a traditional commercial pharmaceutical manufacturer.

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