Innoviva, Inc. (INVA) - What Are Analysts Thinking About This Stock?

Key Points

• Analysts have a “Moderate Buy” consensus on Innoviva, with four buy ratings and two hold ratings. The average 12-month price target is $39.25, well above the stock’s reported price of $21.21.
• Recent analyst actions were mixed: some firms downgraded Innoviva to hold, while BTIG reiterated a buy rating with a $42 target and Cantor Fitzgerald maintained an overweight rating despite lowering its target to $34.
• Institutional ownership is very high at 99.12%, with BlackRock, Bank of America, Deutsche Bank and others establishing sizable positions during the second quarter.

Innoviva, Inc. (NASDAQ:INVA - Get Free Report) has been assigned an average rating of "Moderate Buy" from the six ratings firms that are covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $39.25.

A number of analysts recently weighed in on INVA shares. Wall Street Zen cut shares of Innoviva from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Weiss Ratings lowered shares of Innoviva from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, September 24th. Zacks Research raised shares of Innoviva from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. Cantor Fitzgerald reduced 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. Finally, BTIG Research reiterated a "buy" rating and set a $42.00 target price on shares of Innoviva in a research note on Monday, June 22nd.

Institutional Trading of Innoviva

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Innoviva in the 2nd quarter valued at approximately $77,562,000. Bank of America Corp DE purchased a new stake in shares of Innoviva during the second quarter worth approximately $37,873,000. Deutsche Bank AG purchased a new stake in shares of Innoviva during the second quarter worth approximately $20,847,000. William Blair Investment Management LLC acquired a new stake in shares of Innoviva during the second quarter worth $14,584,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Innoviva during the second quarter worth $11,607,000. 99.12% of the stock is owned by hedge funds and other institutional investors.

Innoviva Stock Performance

Shares of INVA opened at $21.21 on Friday. The company's 50 day simple moving average is $20.96 and its 200-day simple moving average is $22.01. The firm has a market cap of $1.53 billion, a PE ratio of 5.17, a price-to-earnings-growth ratio of 3.01 and a beta of 0.38. Innoviva has a 12-month low of $16.52 and a 12-month high of $25.15. The company has a current ratio of 16.01, a quick ratio of 15.18 and a debt-to-equity ratio of 0.21.

Innoviva Company Profile

Innoviva, Inc is a healthcare company focused on acquiring, developing and commercializing pharmaceutical assets, with a particular emphasis on medicines for respiratory and infectious diseases. The company generates a substantial portion of its business through royalty interests in marketed products and also invests in healthcare companies and development-stage therapies.

Innoviva holds royalty rights related to several respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Breo Ellipta, which is marketed as Relvar Ellipta in some international markets.

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