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

Key Points

• Innoviva's stock rating was downgraded from a "strong-buy" to a "buy" by Wall Street Zen, though the company still maintains an average rating of "buy" among analysts.
• The company achieved better-than-expected quarterly results, reporting $0.77 EPS against a consensus estimate of $0.57, with significant revenue surpassing analyst expectations.
• Institutional investors have increased their stakes in Innoviva, with hedge funds collectively owning 99.12% of the stock, indicating strong institutional support for the company.

Wall Street Zen lowered shares of Innoviva (NASDAQ:INVA - Free Report) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

Several other research firms have also weighed in on INVA. Cantor Fitzgerald initiated coverage on shares of Innoviva in a research note on Friday, July 11th. They issued an "overweight" rating and a $26.00 price objective for the company. Oppenheimer initiated coverage on shares of Innoviva in a research note on Monday, August 11th. They issued an "outperform" rating and a $45.00 price objective for the company. Finally, HC Wainwright lifted their price objective 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. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Innoviva presently has an average rating of "Buy" and an average target price of $42.75.

Innoviva Trading Up 0.9%

Shares of NASDAQ INVA traded up $0.18 during midday trading on Friday, reaching $19.55. The stock had a trading volume of 767,862 shares, compared to its average volume of 641,134. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 63.07 and a beta of 0.47. Innoviva has a twelve month low of $16.67 and a twelve month 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. The company's 50 day moving average price is $19.63 and its 200 day moving average price is $19.10.

Innoviva (NASDAQ:INVA - Get Free Report) last released 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 company had revenue of $100.28 million during the quarter, compared to analyst estimates of $87.10 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. As a group, sell-side analysts expect that Innoviva will post 0.33 EPS for the current year.

Institutional Trading of Innoviva

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. increased 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 valued at $165,000 after purchasing an additional 7,443 shares in the last quarter. Neuberger Berman Group LLC bought a new stake in shares of Innoviva in the 2nd quarter worth $222,000. Public Sector Pension Investment Board grew its stake in shares of Innoviva by 7.8% in 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 in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Innoviva by 896.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,907 shares of the biotechnology company's stock worth $139,000 after acquiring an additional 6,214 shares in the last quarter. Finally, Man Group plc grew its stake in shares of Innoviva by 25.2% in the 2nd quarter. Man Group plc now owns 624,650 shares of the biotechnology company's stock worth $12,549,000 after acquiring an additional 125,802 shares in 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.