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 equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Sunday.

Several other equities analysts also recently issued reports on the stock. Cantor Fitzgerald began coverage on shares of Innoviva in a research note on Friday, July 11th. They set an "overweight" rating and a $26.00 price target for the company. Oppenheimer began coverage on shares of Innoviva in a research note on Monday, August 11th. They set an "outperform" rating and a $45.00 target price for the company. Finally, HC Wainwright lifted their target price on shares of Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Innoviva has an average rating of "Buy" and an average price target of $42.75.

Innoviva Price Performance

INVA stock opened at $20.16 on Friday. The company has a fifty day moving average price of $19.70 and a 200-day moving average price of $18.86. The company has a market capitalization of $1.27 billion, a P/E ratio of 65.03 and a beta of 0.38. Innoviva has a 52-week low of $16.67 and a 52-week high of $22.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64.

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

Institutional Investors Weigh In On Innoviva

A number of large investors have recently bought and sold shares of INVA. Parallel Advisors LLC grew its holdings in Innoviva by 157.5% in the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company's stock worth $37,000 after purchasing an additional 1,131 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in Innoviva in the second quarter worth $43,000. EverSource Wealth Advisors LLC grew its holdings in Innoviva by 297.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company's stock worth $48,000 after purchasing an additional 1,795 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Innoviva in the first quarter worth $56,000. Finally, Tower Research Capital LLC TRC grew its holdings in Innoviva by 75.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after purchasing an additional 2,128 shares during the period. 99.12% of the stock is currently owned by institutional investors and hedge funds.

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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