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

Key Points

• Innoviva, Inc. has received a consensus recommendation of "Moderate Buy" from seven research firms, with an average price target of $37.60.
• Recent earnings showed Innoviva reported $0.77 EPS, exceeding estimates of $0.57, alongside a revenue of $100.28 million for the quarter.
• Institutional investors hold a significant stake in Innoviva, owning 99.12% of the company's stock, indicating strong institutional confidence in the firm's prospects.

Shares of Innoviva, Inc. (NASDAQ:INVA - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the seven research firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $37.60.

A number of research analysts recently weighed in on INVA shares. Cantor Fitzgerald started coverage on shares of Innoviva in a report on Friday, July 11th. They issued an "overweight" rating and a $26.00 target price for the company. Zacks Research raised shares of Innoviva from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 8th. The Goldman Sachs Group assumed coverage on shares of Innoviva in a research note on Tuesday, September 30th. They set a "sell" rating and a $17.00 price objective for the company. Wall Street Zen raised shares of Innoviva from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Innoviva in a research report on Wednesday, October 8th.

Innoviva Stock Performance

Shares of INVA opened at $17.71 on Friday. The business has a 50-day simple moving average of $18.96 and a two-hundred day simple moving average of $19.18. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of 57.13 and a beta of 0.40. Innoviva has a 52 week low of $16.52 and a 52 week high of $22.00. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36.

Innoviva (NASDAQ:INVA - Get Free Report) last released its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.20. The firm had revenue of $100.28 million during the quarter, compared to analysts' expectations of $87.10 million. Innoviva had a return on equity of 18.67% and a net margin of 10.44%. On average, analysts expect that Innoviva will post 0.33 EPS for the current year.

Institutional Trading of Innoviva

Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC lifted its stake in shares of Innoviva by 318.4% during the 1st quarter. Millennium Management LLC now owns 1,676,057 shares of the biotechnology company's stock worth $30,387,000 after purchasing an additional 1,275,444 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Innoviva by 870.3% during the 2nd quarter. Marshall Wace LLP now owns 1,332,966 shares of the biotechnology company's stock worth $26,779,000 after purchasing an additional 1,195,596 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Innoviva by 85.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,708,482 shares of the biotechnology company's stock valued at $34,323,000 after buying an additional 786,409 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Innoviva during the first quarter valued at about $7,307,000. Finally, American Century Companies Inc. lifted its position in shares of Innoviva by 23.3% during the second quarter. American Century Companies Inc. now owns 2,066,753 shares of the biotechnology company's stock valued at $41,521,000 after buying an additional 391,056 shares during the last quarter. Hedge funds and other institutional investors own 99.12% of the company's stock.

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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