Innoviva (NASDAQ:INVA) Coverage Initiated by Analysts 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.

Analysts at Oppenheimer started coverage on shares of Innoviva (NASDAQ:INVA - Get Free Report) in a note issued to investors on Monday, Marketbeat.com reports. The firm set an "outperform" rating and a $45.00 price target on the biotechnology company's stock. Oppenheimer's price target suggests a potential upside of 126.07% from the company's current price.

A number of other research analysts have also recently issued reports on the stock. Cantor Fitzgerald began coverage on shares of Innoviva in a report on Friday, July 11th. They issued an "overweight" rating and a $26.00 price target for the company. HC Wainwright started coverage on shares of Innoviva in a research note on Monday, July 14th. They issued a "buy" rating and a $40.00 price target on the stock. Finally, Wall Street Zen raised shares of Innoviva from a "hold" rating to a "buy" rating in a research note on Wednesday, April 30th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $40.25.

Innoviva Stock Up 8.5%

Shares of NASDAQ:INVA traded up $1.57 during trading on Monday, reaching $19.91. 439,703 shares of the stock traded hands, compared to its average volume of 818,086. The stock has a market cap of $1.25 billion, a P/E ratio of 64.21 and a beta of 0.38. The stock has a 50-day moving average of $19.87 and a two-hundred day moving average of $18.75. Innoviva has a 52-week low of $16.67 and a 52-week high of $22.00. 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 (NASDAQ:INVA - Get Free Report) last posted its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.20. The company had revenue of $100.28 million for 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, sell-side analysts expect that Innoviva will post 0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN lifted its holdings in Innoviva by 40.3% during the 4th 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 last quarter. Sterling Capital Management LLC raised its stake in Innoviva by 6.8% in the fourth quarter. Sterling Capital Management LLC now owns 22,924 shares of the biotechnology company's stock valued at $398,000 after buying an additional 1,452 shares during the period. Barclays PLC grew its stake in shares of Innoviva by 9.8% in the fourth quarter. Barclays PLC now owns 110,479 shares of the biotechnology company's stock valued at $1,917,000 after acquiring an additional 9,885 shares in the last quarter. Marshall Wace LLP raised its position in Innoviva by 130.9% during the fourth 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 raised its position in 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 last quarter. 99.12% of the stock is owned by hedge funds and other institutional investors.

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.