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

Key Points

• Innoviva has been upgraded to a "strong-buy" rating by Wall Street Zen, indicating increased confidence in the stock's performance.
• The stock currently holds a consensus rating of "Buy" among analysts, with an average price target of $42.75.
• Innoviva reported strong earnings, with an EPS of $0.77, surpassing analysts' expectations, and a revenue of $100.28 million for the quarter.

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

A number of other equities research analysts also recently weighed in on INVA. Cantor Fitzgerald started coverage on Innoviva in a research report on Friday, July 11th. They issued an "overweight" rating and a $26.00 target price for the company. HC Wainwright upped their target price on Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Finally, Oppenheimer started coverage on Innoviva in a research report on Monday, August 11th. They issued an "outperform" rating and a $45.00 target price for the company. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, Innoviva currently has an average rating of "Buy" and a consensus price target of $42.75.

Innoviva Price Performance

INVA traded down $0.57 during trading on Friday, reaching $19.95. The stock had a trading volume of 515,962 shares, compared to its average volume of 849,315. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 64.36 and a beta of 0.38. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36. Innoviva has a 1-year low of $16.67 and a 1-year high of $22.00. The stock has a 50 day moving average of $19.76 and a two-hundred day moving average of $18.84.

Innoviva (NASDAQ:INVA - Get Free Report) last released its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 18.67% and a net margin of 10.44%. As a group, equities analysts anticipate that Innoviva will post 0.33 EPS for the current fiscal year.

Institutional Trading of Innoviva

Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Innoviva by 4.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,919,518 shares of the biotechnology company's stock valued at $85,354,000 after purchasing an additional 226,592 shares during the period. Systematic Financial Management LP raised its stake in Innoviva by 2.1% during the 1st quarter. Systematic Financial Management LP now owns 2,071,253 shares of the biotechnology company's stock valued at $37,552,000 after purchasing an additional 42,184 shares during the period. American Century Companies Inc. raised its stake in Innoviva by 23.3% during the 2nd quarter. American Century Companies Inc. now owns 2,066,753 shares of the biotechnology company's stock valued at $41,521,000 after purchasing an additional 391,056 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Innoviva by 85.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,708,482 shares of the biotechnology company's stock valued at $34,323,000 after purchasing an additional 786,409 shares during the period. Finally, Millennium Management LLC raised its stake in Innoviva by 318.4% during the 1st quarter. Millennium Management LLC now owns 1,676,057 shares of the biotechnology company's stock valued at $30,387,000 after purchasing an additional 1,275,444 shares during the period. 99.12% of the stock is 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.