Innoviva (NASDAQ:INVA) Receives "Outperform" Rating from Oppenheimer

Key Points

• Oppenheimer reiterated its “outperform” rating on Innoviva and set a $35 price target, implying 66.83% upside from the prior close.
• Analyst sentiment is broadly positive: Innoviva has an average “Moderate Buy” rating and a consensus target price of $34.80 from MarketBeat.
• Innoviva shares opened at $20.98, while institutional investors and hedge funds own approximately 99.12% of the company’s stock.

Innoviva (NASDAQ:INVA - Get Free Report)'s stock had its "outperform" rating reiterated by equities researchers at Oppenheimer in a research report issued on Wednesday, Benzinga reports. They currently have a $35.00 target price on the biotechnology company's stock. Oppenheimer's price target indicates a potential upside of 66.83% from the company's previous close.

INVA has been the topic of several other reports. Cantor Fitzgerald lowered their target price on shares of Innoviva from $36.00 to $34.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. HC Wainwright reissued a "buy" rating and set a $46.00 price target on shares of Innoviva in a research report on Monday, June 1st. Weiss Ratings upgraded Innoviva from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, September 9th. BTIG Research reiterated a "buy" rating and set a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd. Finally, Zacks Research raised Innoviva from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $34.80.

Innoviva Stock Down 0.3%

INVA stock opened at $20.98 on Wednesday. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 5.12 and a beta of 0.33. The business's fifty day moving average price is $21.14 and its two-hundred day moving average price is $22.13.

Institutional Investors Weigh In On Innoviva

A number of large investors have recently modified their holdings of INVA. 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 period. Public Employees Retirement System of Ohio bought a new position in shares of Innoviva during the second quarter worth about $30,000. Allworth Financial LP acquired a new position in shares of Innoviva in the second quarter worth approximately $42,000. Mint Tower Capital Management B.V. acquired a new position in shares of Innoviva in the second quarter worth approximately $47,000. Finally, Virtus Advisers LLC bought a new stake in Innoviva in the second quarter valued at approximately $162,000. Institutional investors and hedge funds own 99.12% of the company's stock.

About Innoviva

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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