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

Key Points

• Wall Street Zen downgraded Innoviva from “strong-buy” to “buy”, though the stock still carries an overall Moderate Buy consensus rating from analysts.
• Innoviva recently reported Q1 EPS of $0.44, beating estimates by a penny, but revenue of $97.99 million fell short of the expected $101.57 million.
• The stock opened at $22.89 and remains supported by strong institutional ownership, with hedge funds and other large investors holding 99.12% of shares outstanding.

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 Saturday.

INVA has been the subject of several other research reports. Weiss Ratings reissued a "buy (b)" rating on shares of Innoviva in a research report on Friday, March 27th. BTIG Research upped their price target on Innoviva from $35.00 to $42.00 and gave the company a "buy" rating in a report on Thursday. 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $36.20.

Innoviva Price Performance

NASDAQ INVA opened at $22.89 on Friday. Innoviva has a twelve month low of $16.52 and a twelve month high of $25.15. The company has a debt-to-equity ratio of 0.19, a quick ratio of 13.85 and a current ratio of 21.13. The stock has a market capitalization of $1.70 billion, a PE ratio of 3.81 and a beta of 0.38. The stock has a 50-day simple moving average of $22.96 and a 200 day simple moving average of $21.32.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.The business had revenue of $97.99 million during the quarter, compared to analysts' expectations of $101.57 million. Research analysts anticipate that Innoviva will post 1.99 EPS for the current year.

Hedge Funds Weigh In On Innoviva

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Innoviva by 11.6% in the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company's stock valued at $158,263,000 after acquiring an additional 819,757 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Innoviva by 1.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company's stock valued at $103,366,000 after acquiring an additional 76,026 shares in the last quarter. State Street Corp raised its holdings in shares of Innoviva by 9.4% in the 4th quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company's stock worth $55,908,000 after buying an additional 239,848 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Innoviva by 38.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company's stock worth $43,045,000 after buying an additional 650,151 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Innoviva by 13.8% in the 3rd quarter. American Century Companies Inc. now owns 2,351,006 shares of the biotechnology company's stock worth $42,906,000 after buying an additional 284,253 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company's stock.

Innoviva Company Profile

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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