Innoviva (NASDAQ:INVA) Upgraded to "Strong-Buy" at Wall Street Zen

Key Points

• Innoviva (NASDAQ:INVA) has been upgraded from a "buy" rating to a "strong-buy" rating by analysts at Wall Street Zen, indicating increased confidence in the company’s future performance.
• Analysts from Cantor Fitzgerald and Oppenheimer have set price targets for Innoviva at $26.00 and $45.00 respectively, reflecting a strong sentiment towards the stock.
• In its latest earnings report, Innoviva exceeded expectations with an EPS of $0.77 on revenue of $100.28 million, significantly beating analyst estimates.

Wall Street Zen upgraded shares of Innoviva (NASDAQ:INVA - Free Report) from a buy rating to a strong-buy rating in a report issued on Sunday morning.

INVA has been the topic of several other research reports. HC Wainwright raised their price target on Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a report on Monday, August 11th. Cantor Fitzgerald began coverage on Innoviva in a report on Friday, July 11th. They issued an "overweight" rating and a $26.00 price target on the stock. Finally, Oppenheimer began coverage on Innoviva in a report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $42.75.

Innoviva Stock Performance

Shares of NASDAQ INVA traded up $0.01 during trading on Friday, reaching $19.05. 121,828 shares of the stock traded hands, compared to its average volume of 815,029. The company has a 50-day moving average of $19.65 and a 200-day moving average of $19.16. The stock has a market capitalization of $1.20 billion, a P/E ratio of 61.46 and a beta of 0.47. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. Innoviva has a 52-week low of $16.67 and a 52-week high of $22.00.

Innoviva (NASDAQ:INVA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.20. The business had revenue of $100.28 million for 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%. Analysts forecast that Innoviva will post 0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Innoviva

Institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in Innoviva during the 1st quarter worth approximately $737,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Innoviva by 3.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,490 shares of the biotechnology company's stock worth $546,000 after acquiring an additional 1,162 shares during the last quarter. Principal Financial Group Inc. grew its position in Innoviva by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 305,476 shares of the biotechnology company's stock worth $5,538,000 after acquiring an additional 7,700 shares during the last quarter. Farther Finance Advisors LLC grew its position in Innoviva by 10.3% during the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock worth $153,000 after acquiring an additional 795 shares during the last quarter. Finally, US Bancorp DE grew its position in Innoviva by 356.0% during the 1st quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company's stock worth $231,000 after acquiring an additional 9,956 shares during the last quarter. 99.12% of the stock is currently 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.