Innoviva (NASDAQ:INVA) Lowered to Buy Rating by Wall Street Zen

Key Points

• Innoviva has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, reflecting changing analyst sentiment towards the stock.
• Despite the downgrade, several other brokerages have issued positive ratings, with HC Wainwright increasing their price target on Innoviva from $40.00 to $45.00.
• Innoviva's stock is currently trading at $17.48, down 1.0%, with a market cap of $1.10 billion and a one-year high of $22.00.

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

A number of other brokerages have also weighed in on INVA. Cantor Fitzgerald assumed coverage on shares of Innoviva in a research note on Friday, July 11th. They issued an "overweight" rating and a $26.00 price target on the stock. HC Wainwright lifted their price target on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, August 11th. The Goldman Sachs Group initiated coverage on shares of Innoviva in a research report on Tuesday. They issued a "sell" rating and a $17.00 price objective on the stock. Oppenheimer initiated coverage on shares of Innoviva in a research report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Innoviva in a research report on Saturday, September 27th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Innoviva has an average rating of "Moderate Buy" and an average price target of $37.60.

Innoviva Trading Down 1.0%

INVA stock traded down $0.18 during midday trading on Friday, hitting $17.48. 1,070,826 shares of the company's stock were exchanged, compared to its average volume of 749,164. The stock's fifty day moving average price is $19.46 and its 200-day moving average price is $19.20. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64. The company has a market cap of $1.10 billion, a PE ratio of 56.39 and a beta of 0.40. Innoviva has a one year low of $16.67 and a one year high of $22.00.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $87.10 million. Research analysts predict that Innoviva will post 0.33 earnings per share for the current fiscal year.

Institutional Trading of Innoviva

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC raised its position in shares of Innoviva by 157.5% in the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company's stock valued at $37,000 after purchasing an additional 1,131 shares during the period. Elevation Point Wealth Partners LLC bought a new position in shares of Innoviva in the second quarter valued at about $43,000. EverSource Wealth Advisors LLC raised its position in shares of Innoviva by 297.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company's stock valued at $48,000 after purchasing an additional 1,795 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Innoviva in the 1st quarter valued at about $56,000. Finally, Lazard Asset Management LLC bought a new position in shares of Innoviva during the second quarter worth approximately $92,000. 99.12% of the stock is owned by institutional investors.

About Innoviva

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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