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

Key Points

• Wall Street Zen downgraded Innoviva from “Buy” to “Hold,” although the broader analyst consensus remains “Moderate Buy,” with an average price target of $36.20.
• Innoviva shares opened at $20.97, down 1.2%, with a $1.55 billion market capitalization and a 12-month trading range of $16.52 to $25.15.
• The company slightly beat quarterly EPS expectations at $0.44 versus $0.43, while revenue of $97.99 million fell short of the $101.57 million consensus estimate; institutional investors and hedge funds own 99.12% of the stock.

Innoviva (NASDAQ:INVA - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

Other analysts have also issued research reports about the stock. HC Wainwright restated a "buy" rating and issued a $46.00 target price on shares of Innoviva in a research report on Monday, June 1st. BTIG Research reiterated a "buy" rating and set a $42.00 price target on shares of Innoviva in a report on Monday, June 22nd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Innoviva in a report on Wednesday, June 24th. Five equities 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $36.20.

Innoviva Stock Down 1.2%

INVA stock opened at $20.97 on Friday. The stock has a market capitalization of $1.55 billion, a P/E ratio of 3.49 and a beta of 0.34. The company has a current ratio of 21.13, a quick ratio of 20.07 and a debt-to-equity ratio of 0.19. Innoviva has a 12 month low of $16.52 and a 12 month high of $25.15. The firm has a 50-day moving average price of $22.19 and a 200-day moving average price of $22.24.

Innoviva (NASDAQ:INVA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. The company had revenue of $97.99 million for the quarter, compared to analyst estimates of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. As a group, equities research analysts anticipate that Innoviva will post 2.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Innoviva

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC lifted its holdings in shares of Innoviva by 82.8% during the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company's stock worth $27,000 after purchasing an additional 534 shares during the period. EverSource Wealth Advisors LLC increased 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 valued at $48,000 after purchasing an additional 1,795 shares during the period. Danske Bank A S acquired a new stake in Innoviva in the third quarter valued at $55,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Innoviva by 49.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company's stock valued at $73,000 after purchasing an additional 1,197 shares during the period. Finally, Lazard Asset Management LLC bought a new position in Innoviva during the 2nd quarter worth $92,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

About Innoviva

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva's portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.

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