Innoviva (NASDAQ:INVA) Downgraded by Wall Street Zen to "Buy"

Key Points

• Innoviva has been downgraded from a "strong-buy" rating to a "buy" rating by Wall Street Zen, reflecting a change in analyst sentiment.
• The company reported earnings per share of $0.77, surpassing the consensus estimate by $0.20, with revenues of $100.28 million for the latest quarter.
• Innoviva's average stock rating remains a "Buy," with an average price target of $42.75, indicating continued optimism among analysts despite the recent downgrade.

Innoviva (NASDAQ:INVA - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Sunday.

A number of other research firms have also recently commented on INVA. Cantor Fitzgerald assumed coverage on Innoviva in a report on Friday, July 11th. They issued an "overweight" rating and a $26.00 price target on the stock. HC Wainwright lifted their price objective on Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Finally, Oppenheimer initiated coverage on Innoviva in a research report on Monday, August 11th. They set an "outperform" rating and a $45.00 target price on the stock. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $42.75.

Innoviva Stock Performance

NASDAQ:INVA traded up $0.40 on Friday, hitting $20.43. The stock had a trading volume of 650,802 shares, compared to its average volume of 816,083. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 65.91 and a beta of 0.38. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36. The business's 50-day simple moving average is $19.55 and its two-hundred day simple moving average is $18.92. Innoviva has a 52-week low of $16.67 and a 52-week high of $22.00.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.20. Innoviva had a return on equity of 18.67% and a net margin of 10.44%.The firm had revenue of $100.28 million for the quarter, compared to analysts' expectations of $87.10 million. As a group, research analysts predict that Innoviva will post 0.33 earnings per share for the current year.

Hedge Funds Weigh In On Innoviva

A number of hedge funds have recently bought and sold shares of the business. Martingale Asset Management L P lifted its position in shares of Innoviva by 0.7% in the first quarter. Martingale Asset Management L P now owns 78,412 shares of the biotechnology company's stock valued at $1,422,000 after acquiring an additional 570 shares in the last quarter. BOKF NA raised its position in Innoviva by 2.3% in the fourth quarter. BOKF NA now owns 28,648 shares of the biotechnology company's stock valued at $495,000 after purchasing an additional 641 shares during the period. Bank of Montreal Can raised its position in Innoviva by 4.2% in the second quarter. Bank of Montreal Can now owns 18,853 shares of the biotechnology company's stock valued at $379,000 after purchasing an additional 767 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Innoviva by 10.3% in the first quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock valued at $153,000 after buying an additional 795 shares in the last quarter. Finally, Teacher Retirement System of Texas grew its stake in shares of Innoviva by 5.9% in the second quarter. Teacher Retirement System of Texas now owns 16,053 shares of the biotechnology company's stock valued at $323,000 after buying an additional 889 shares in 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.