Innoviva (NASDAQ:INVA) Upgraded at Wall Street Zen

Key Points

• Innoviva has been upgraded to a "strong-buy" rating by Wall Street Zen, highlighting increased confidence from analysts regarding the company's stock performance.
• Analysts, including Oppenheimer and Cantor Fitzgerald, have set price targets for Innoviva's shares, with estimates ranging from $26.00 to $45.00, indicating a positive outlook.
• Innoviva reported a quarterly earnings increase, with an EPS of $0.77, surpassing expectations, alongside a significant revenue of $100.28 million.

Innoviva (NASDAQ:INVA - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Monday.

Several other equities analysts also recently issued reports on INVA. Oppenheimer initiated coverage on shares of Innoviva in a research note on Monday, August 11th. They set an "outperform" rating and a $45.00 price target for the company. Cantor Fitzgerald initiated coverage on shares of Innoviva in a research note on Friday, July 11th. They set an "overweight" rating and a $26.00 price target for the company. Finally, HC Wainwright raised their price target 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, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $42.75.

Innoviva Price Performance

Shares of NASDAQ:INVA opened at $20.43 on Monday. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 65.91 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. The firm has a 50 day simple moving average of $19.55 and a 200 day simple moving average of $18.93. Innoviva has a one year low of $16.67 and a one year high of $22.00.

Innoviva (NASDAQ:INVA - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) 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 the consensus estimate of $87.10 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. Research analysts predict that Innoviva will post 0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innoviva

Several large investors have recently modified their holdings of INVA. MetLife Investment Management LLC grew its holdings in Innoviva by 5.2% in the fourth quarter. MetLife Investment Management LLC now owns 34,961 shares of the biotechnology company's stock worth $607,000 after purchasing an additional 1,731 shares during the period. Tower Research Capital LLC TRC grew its holdings in Innoviva by 75.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,962 shares of the biotechnology company's stock worth $86,000 after purchasing an additional 2,128 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Innoviva by 12.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 62,633 shares of the biotechnology company's stock valued at $1,087,000 after buying an additional 6,927 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Innoviva in the fourth quarter valued at $279,000. Finally, Northern Trust Corp lifted its stake in shares of Innoviva by 4.0% in the fourth quarter. Northern Trust Corp now owns 679,044 shares of the biotechnology company's stock valued at $11,781,000 after buying an additional 26,429 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Company Profile

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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