Innoviva (NASDAQ:INVA) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Innoviva has been upgraded from a "hold" rating to a "strong-buy" rating by Zacks Research, indicating increased confidence in the company's future performance.
• Investment analysts have mixed opinions on Innoviva, with one strong buy, four buy ratings, one hold, and one sell rating, leading to a consensus rating of "Moderate Buy."
• Innoviva reported earnings of $0.77 per share for the last quarter, exceeding analysts' expectations of $0.57, alongside revenues of $100.28 million compared to forecasts of $87.10 million.

Innoviva (NASDAQ:INVA - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Wednesday,Zacks.com reports.

Several other research firms have also recently weighed in on INVA. Weiss Ratings restated a "hold (c)" rating on shares of Innoviva in a research report on Wednesday. HC Wainwright raised their price objective on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, August 11th. 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 target price on the stock. The Goldman Sachs Group assumed coverage on shares of Innoviva in a research note on Tuesday, September 30th. They issued a "sell" rating and a $17.00 target price on the stock. Finally, Oppenheimer assumed coverage on shares of Innoviva in a research note on Monday, August 11th. They issued an "outperform" rating and a $45.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Innoviva currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.60.

Innoviva Trading Up 0.5%

INVA opened at $17.45 on Wednesday. The company has a current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $1.10 billion, a PE ratio of 56.29 and a beta of 0.40. Innoviva has a 1-year low of $16.67 and a 1-year high of $22.00. The firm has a 50-day moving average price of $19.38 and a two-hundred day moving average price of $19.21.

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 the consensus estimate of $0.57 by $0.20. The firm had revenue of $100.28 million during the quarter, compared to analysts' expectations 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 anticipate that Innoviva will post 0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Toth Financial Advisory Corp bought a new position in Innoviva during the 3rd quarter worth approximately $63,000. Texas Permanent School Fund Corp boosted its stake in Innoviva by 39.1% during the 2nd quarter. Texas Permanent School Fund Corp now owns 43,029 shares of the biotechnology company's stock worth $864,000 after acquiring an additional 12,099 shares during the last quarter. Osaic Holdings Inc. boosted its stake in Innoviva by 592.1% during the 2nd quarter. Osaic Holdings Inc. now owns 8,700 shares of the biotechnology company's stock worth $165,000 after acquiring an additional 7,443 shares during the last quarter. Neuberger Berman Group LLC bought a new position in Innoviva during the 2nd quarter worth approximately $222,000. Finally, Public Sector Pension Investment Board boosted its stake in Innoviva by 7.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 188,363 shares of the biotechnology company's stock worth $3,784,000 after acquiring an additional 13,695 shares during the last quarter. Institutional investors own 99.12% of the company's stock.

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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