HC Wainwright Forecasts Strong Price Appreciation for Innoviva (NASDAQ:INVA) Stock

Key Points

• HC Wainwright has raised the price target for Innoviva (NASDAQ:INVA) from $40.00 to $45.00, indicating a potential upside of 145.37% from the stock's previous closing price.
• Innoviva reported a quarterly EPS of $0.77, exceeding analysts' expectations of $0.57, with revenue of $100.28 million surpassing estimates of $87.10 million.
• Currently, Innoviva has a consensus rating of "Buy", with the stock supported by institutional investors, who collectively own 99.12% of the shares.

Innoviva (NASDAQ:INVA - Get Free Report) had its price target upped by equities research analysts at HC Wainwright from $40.00 to $45.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. HC Wainwright's price target would suggest a potential upside of 145.37% from the stock's previous close.

INVA has been the subject of several other research reports. Wall Street Zen raised Innoviva from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. Oppenheimer initiated coverage on Innoviva in a research report on Monday. They set an "outperform" rating and a $35.00 price objective for the company. Finally, Cantor Fitzgerald assumed coverage on Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 price objective for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Innoviva presently has a consensus rating of "Buy" and an average target price of $40.25.

Innoviva Stock Performance

Shares of Innoviva stock opened at $18.34 on Monday. The company has a current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1.15 billion, a P/E ratio of 59.16 and a beta of 0.38. The business has a fifty day simple moving average of $19.87 and a two-hundred day simple moving average of $18.75. Innoviva has a 12 month low of $16.67 and a 12 month high of $22.00.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.57 by $0.20. The business had revenue of $100.28 million during the quarter, compared to analyst estimates of $87.10 million. Innoviva had a return on equity of 18.67% and a net margin of 10.44%. On average, equities analysts forecast that Innoviva will post 0.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innoviva

Several institutional investors and hedge funds have recently modified their holdings of INVA. Parallel Advisors LLC increased its holdings in shares of Innoviva by 157.5% during the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company's stock valued at $37,000 after acquiring an additional 1,131 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Innoviva during the first quarter valued at $56,000. Tower Research Capital LLC TRC increased its holdings in shares of Innoviva by 75.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock valued at $86,000 after acquiring an additional 2,128 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in shares of Innoviva by 4,715.6% during the second quarter. Hantz Financial Services Inc. now owns 4,623 shares of the biotechnology company's stock valued at $93,000 after acquiring an additional 4,527 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Innoviva by 58.9% during the second quarter. GAMMA Investing LLC now owns 7,146 shares of the biotechnology company's stock valued at $144,000 after acquiring an additional 2,648 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company's products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.

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