Innoviva (NASDAQ:INVA) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Innoviva from “strong sell” to “hold,” while the broader analyst consensus remains “Hold” with a $34.75 average price target.
• Innoviva shares opened at $21.08, compared with a 52-week range of $16.52 to $25.15; the company has a $1.52 billion market capitalization and a low price-to-earnings ratio of 5.14.
• Institutional investors own 99.12% of Innoviva’s shares, with several firms recently increasing their stakes.

Innoviva (NASDAQ:INVA - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday, Zacks reports.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings cut Innoviva from a "buy (b)" rating to a "hold (c+)" rating in a report on Tuesday, August 11th. HC Wainwright reiterated a "buy" rating and set a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Wall Street Zen cut shares of Innoviva from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Cantor Fitzgerald lowered their price target on shares of Innoviva from $36.00 to $34.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Finally, BTIG Research reissued a "buy" rating and issued a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Innoviva presently has an average rating of "Hold" and a consensus price target of $34.75.

Innoviva Price Performance

Shares of NASDAQ INVA opened at $21.08 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. Innoviva has a 1-year low of $16.52 and a 1-year high of $25.15. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 5.14 and a beta of 0.33. The business has a 50-day moving average of $21.57 and a 200-day moving average of $22.35.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Creative Planning grew its holdings in Innoviva by 0.8% during the 3rd 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. increased its holdings in Innoviva by 4.7% in the fourth quarter. Bailard Inc. now owns 10,933 shares of the biotechnology company's stock valued at $219,000 after buying an additional 492 shares during the last quarter. Verition Fund Management LLC raised its stake in Innoviva by 0.3% during the third quarter. Verition Fund Management LLC now owns 175,855 shares of the biotechnology company's stock valued at $3,209,000 after buying an additional 527 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Innoviva by 82.8% during the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company's stock worth $27,000 after buying an additional 534 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in Innoviva by 3.8% during the 4th quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company's stock worth $295,000 after buying an additional 540 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors.

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.

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