Innoviva (NASDAQ:INVA) Stock Gets Price Target Trim from Oppenheimer

Key Points

• Oppenheimer cut Innoviva’s price target from $35 to $34 but maintained its “outperform” rating; the new target implies about 69% upside from the stock’s then-current price.
• Analyst sentiment remains positive overall: Innoviva has a “Moderate Buy” consensus rating and a $39 consensus price target, based on four Buy and two Hold ratings.
• Shares fell to $20.08 in Thursday trading. The company also reported quarterly EPS of -$1.03, missing the $0.52 consensus estimate, while revenue of $106.12 million came in below forecasts.

Innoviva (NASDAQ:INVA - Get Free Report) had its price objective decreased by investment analysts at Oppenheimer from $35.00 to $34.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an "outperform" rating on the biotechnology company's stock. Oppenheimer's price target suggests a potential upside of 69.32% from the stock's current price.

Several other equities research analysts have also commented on INVA. Wall Street Zen lowered shares of Innoviva from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Cantor Fitzgerald dropped their target price 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. Zacks Research upgraded shares of Innoviva from a "strong sell" rating to a "hold" rating in a research report on Monday, August 31st. Finally, Weiss Ratings downgraded shares of Innoviva from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, September 24th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Innoviva currently has a consensus rating of "Moderate Buy" and a consensus price target of $39.00.

Innoviva Price Performance

INVA traded down $1.18 during trading on Thursday, reaching $20.08. 562,033 shares of the stock were exchanged, compared to its average volume of 773,483. The business's 50 day moving average price is $20.99 and its two-hundred day moving average price is $21.87. 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 company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 4.90, a P/E/G ratio of 3.02 and a beta of 0.38. Innoviva has a 1 year low of $18.85 and a 1 year high of $25.15.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its earnings results on Wednesday, November 4th. The biotechnology company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of $0.52 by ($1.55). Innoviva had a net margin of 81.19% and a return on equity of 28.03%. The firm had revenue of $106.12 million during the quarter, compared to analyst estimates of $115.31 million. As a group, equities research analysts anticipate that Innoviva will post 2.31 earnings per share for the current year.

Institutional Trading of Innoviva

Several institutional investors and hedge funds have recently made changes to their positions in INVA. Fulcrum Asset Management LLP increased its stake in shares of Innoviva by 446.8% during the 3rd quarter. Fulcrum Asset Management LLP now owns 13,680 shares of the biotechnology company's stock valued at $289,000 after acquiring an additional 11,178 shares during the last quarter. CenterBook Partners LP acquired a new stake in shares of Innoviva in the third quarter worth approximately $868,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Innoviva in the third quarter worth approximately $78,000. Profund Advisors LLC grew its holdings in Innoviva by 413.9% in the third quarter. Profund Advisors LLC now owns 76,047 shares of the biotechnology company's stock valued at $1,613,000 after purchasing an additional 61,248 shares during the period. Finally, Vise Technologies Inc. grew its holdings in Innoviva by 64.4% in the third quarter. Vise Technologies Inc. now owns 46,128 shares of the biotechnology company's stock valued at $978,000 after purchasing an additional 18,071 shares during the period. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

Innoviva Company Profile

Innoviva, Inc is a healthcare company focused on developing, commercializing and managing medicines, with an emphasis on respiratory and hospital-based therapies. The company's business model includes royalty interests in marketed products as well as ownership and investment in companies developing or commercializing innovative treatments.

Innoviva receives royalty revenue from respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Relvar/Breo Ellipta.

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