Innoviva (NASDAQ:INVA) Upgraded at 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 equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued on Saturday.

INVA has been the topic of a number of other research reports. Cantor Fitzgerald initiated coverage on Innoviva in a research report on Friday, July 11th. They set an "overweight" rating and a $26.00 price target on the stock. HC Wainwright boosted their price objective on shares of Innoviva from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Finally, Oppenheimer initiated coverage on shares of Innoviva in a research report on Monday, August 11th. They issued an "outperform" rating and a $45.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Innoviva has a consensus rating of "Buy" and an average price target of $42.75.

Innoviva Trading Down 1.5%

Innoviva stock traded down $0.31 during trading hours on Friday, reaching $20.47. 156,154 shares of the company's stock traded hands, compared to its average volume of 829,888. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64. Innoviva has a fifty-two week low of $16.67 and a fifty-two week high of $22.00. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 66.10 and a beta of 0.38. The firm's 50 day moving average is $19.81 and its 200-day moving average is $18.82.

Innoviva (NASDAQ:INVA - Get Free Report) last released 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 company had revenue of $100.28 million for the quarter, compared to the consensus estimate of $87.10 million. On average, analysts predict that Innoviva will post 0.33 earnings per share for the current year.

Hedge Funds Weigh In On Innoviva

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Public Sector Pension Investment Board boosted its position in Innoviva by 7.8% during the second quarter. Public Sector Pension Investment Board now owns 188,363 shares of the biotechnology company's stock worth $3,784,000 after purchasing an additional 13,695 shares during the period. Tower Research Capital LLC TRC boosted its position in Innoviva by 896.7% during the second quarter. Tower Research Capital LLC TRC now owns 6,907 shares of the biotechnology company's stock worth $139,000 after purchasing an additional 6,214 shares during the period. Man Group plc boosted its position in Innoviva by 25.2% during the second quarter. Man Group plc now owns 624,650 shares of the biotechnology company's stock worth $12,549,000 after purchasing an additional 125,802 shares during the period. Lazard Asset Management LLC bought a new position in Innoviva during the second quarter worth $92,000. Finally, Engineers Gate Manager LP boosted its position in shares of Innoviva by 71.7% in the second quarter. Engineers Gate Manager LP now owns 104,027 shares of the biotechnology company's stock valued at $2,090,000 after acquiring an additional 43,448 shares during the period. 99.12% of the stock is owned by institutional investors.

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.