Innoviva (NASDAQ:INVA) Coverage Initiated at Oppenheimer

Key Points

• Oppenheimer has initiated coverage on Innoviva (NASDAQ: INVA) with an outperform rating and a price target of $35.00, indicating a potential upside of 90.84% from its current price.
• Innoviva recently reported $0.77 earnings per share (EPS), surpassing the consensus estimate of $0.57, alongside a revenue of $100.28 million, exceeding expectations of $87.10 million.
• The stock is currently rated as a buy by five research analysts, with a consensus price target of $40.25.

Oppenheimer assumed coverage on shares of Innoviva (NASDAQ:INVA - Free Report) in a report released on Monday, Marketbeat reports. The firm issued an outperform rating and a $45.00 target price on the biotechnology company's stock.

Several other research analysts have also recently commented on the company. Wall Street Zen raised Innoviva from a "hold" rating to a "buy" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald started coverage on Innoviva in a research note on Friday, July 11th. They set an "overweight" rating and a $26.00 price objective for the company. Finally, HC Wainwright started coverage on Innoviva in a research note on Monday, July 14th. They issued a "buy" rating and a $40.00 target price for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $42.75.

Innoviva Stock Up 0.7%

NASDAQ:INVA traded up $0.14 during mid-day trading on Monday, reaching $21.02. The stock had a trading volume of 357,407 shares, compared to its average volume of 827,725. The business's 50 day moving average is $19.84 and its 200 day moving average is $18.79. Innoviva has a fifty-two week low of $16.67 and a fifty-two week high of $22.00. The stock has a market cap of $1.32 billion, a P/E ratio of 67.81 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.

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

Institutional Investors Weigh In On Innoviva

Several institutional investors have recently bought and sold shares of INVA. Wells Fargo & Company MN lifted its stake in Innoviva by 40.3% in the 4th quarter. Wells Fargo & Company MN now owns 37,022 shares of the biotechnology company's stock valued at $642,000 after acquiring an additional 10,637 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of 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 last quarter. Barclays PLC increased its position in shares of Innoviva by 9.8% during the 4th quarter. Barclays PLC now owns 110,479 shares of the biotechnology company's stock worth $1,917,000 after purchasing an additional 9,885 shares during the last quarter. Marshall Wace LLP increased its position in shares of Innoviva by 130.9% during the 4th quarter. Marshall Wace LLP now owns 314,968 shares of the biotechnology company's stock worth $5,465,000 after purchasing an additional 178,583 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Innoviva by 18.7% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 69,794 shares of the biotechnology company's stock worth $1,211,000 after purchasing an additional 10,993 shares during the last quarter. Institutional investors own 99.12% of the company's stock.

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.