Innoviva, Inc. (NASDAQ:INVA) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Innovava shares have a “Moderate Buy” consensus among six analysts, with four buys, one hold and one sell. The average 12-month price target is $34.75, well above the reported $20.90 share price.
• Recent analyst actions were mixed: HC Wainwright maintained a $46 buy target, while Cantor Fitzgerald lowered its target to $34; other firms upgraded or downgraded their ratings.
• Innoviva has a $1.51 billion market capitalization and strong liquidity, including a 16.01 current ratio. Institutional investors own approximately 99.12% of the company’s shares.

Shares of Innoviva, Inc. (NASDAQ:INVA - Get Free Report) have been given an average recommendation of "Moderate Buy" by the six brokerages that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $34.75.

A number of brokerages have recently commented on INVA. Zacks Research raised shares of Innoviva from a "strong sell" rating to a "hold" rating in a research report on Monday, August 31st. HC Wainwright reissued a "buy" rating and issued a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Cantor Fitzgerald reduced their price objective on Innoviva from $36.00 to $34.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Weiss Ratings raised Innoviva from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, September 9th. Finally, Wall Street Zen cut Innoviva from a "buy" rating to a "hold" rating in a report on Saturday, August 1st.

Innoviva Trading Up 1.2%

Shares of INVA opened at $20.90 on Tuesday. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 5.10 and a beta of 0.33. 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 50-day moving average of $21.27 and a 200 day moving average of $22.22.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its holdings in shares of Innoviva by 82.8% in the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company's stock valued at $27,000 after acquiring an additional 534 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Innoviva during the second quarter valued at about $30,000. Allworth Financial LP bought a new stake in Innoviva during the second quarter valued at about $42,000. Mint Tower Capital Management B.V. purchased a new position in Innoviva in the second quarter valued at about $47,000. Finally, Virtus Advisers LLC purchased a new position in Innoviva in the second quarter valued at about $162,000. 99.12% of the stock is currently owned by institutional investors.

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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