Innoviva (NASDAQ:INVA) Stock Price Up 8.2% Following Analyst Upgrade

Key Points

• Innoviva's stock price increased by 8.2% following an analyst upgrade from HC Wainwright, which raised the price target from $40.00 to $45.00.
• Institutional investors significantly increased their holdings in Innoviva, with Wells Fargo growing its stake by 40.3% and Marshall Wace boosting its stake by 130.9% in the last quarter.
• The company exceeded analysts' expectations in its latest quarterly earnings report, posting an EPS of $0.77 versus the consensus estimate of $0.57.

Innoviva, Inc. (NASDAQ:INVA - Get Free Report) shares were up 8.2% during mid-day trading on Monday after HC Wainwright raised their price target on the stock from $40.00 to $45.00. HC Wainwright currently has a buy rating on the stock. Innoviva traded as high as $19.66 and last traded at $19.84. Approximately 205,104 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 817,090 shares. The stock had previously closed at $18.34.

A number of other brokerages have also commented on INVA. Cantor Fitzgerald began coverage on Innoviva in a research note on Friday, July 11th. They set an "overweight" rating and a $26.00 price target on the stock. Wall Street Zen upgraded Innoviva from a "hold" rating to a "buy" rating in a research note on Wednesday, April 30th. Finally, Oppenheimer assumed coverage on Innoviva in a report on Monday. They set an "outperform" rating and a $45.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $42.75.

Institutional Investors Weigh In On Innoviva

A number of institutional investors have recently modified their holdings of INVA. Wells Fargo & Company MN raised its position in Innoviva by 40.3% in the fourth quarter. Wells Fargo & Company MN now owns 37,022 shares of the biotechnology company's stock valued at $642,000 after purchasing an additional 10,637 shares during the period. Sterling Capital Management LLC boosted its position in Innoviva by 6.8% during the 4th quarter. Sterling Capital Management LLC now owns 22,924 shares of the biotechnology company's stock worth $398,000 after purchasing an additional 1,452 shares during the period. Barclays PLC boosted its position in Innoviva by 9.8% in the 4th quarter. Barclays PLC now owns 110,479 shares of the biotechnology company's stock valued at $1,917,000 after buying an additional 9,885 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Innoviva by 130.9% in the 4th quarter. Marshall Wace LLP now owns 314,968 shares of the biotechnology company's stock valued at $5,465,000 after purchasing an additional 178,583 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Innoviva by 18.7% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 69,794 shares of the biotechnology company's stock valued at $1,211,000 after purchasing an additional 10,993 shares during the period. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Stock Up 0.2%

The firm has a market capitalization of $1.31 billion, a P/E ratio of 67.49 and a beta of 0.38. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. The firm's fifty day moving average price is $19.82 and its 200-day moving average price is $18.80.

Innoviva (NASDAQ:INVA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.20. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The business had revenue of $100.28 million for the quarter, compared to analyst estimates of $87.10 million. As a group, equities research analysts forecast that Innoviva, Inc. will post 0.33 earnings per share for the current year.

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.