Innoviva (NASDAQ:INVA) Coverage Initiated at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group downgraded Innoviva (NASDAQ:INVA) to a "strong sell" rating, reflecting a shift in analysts' sentiment toward the stock.
• Various analysts have mixed opinions on Innoviva, with four giving it a Buy rating and one a Sell, resulting in a consensus rating of "Moderate Buy" and an average price target of $37.60.
• Innoviva reported $0.77 EPS for the last quarter, exceeding consensus estimates by $0.20, with revenues significantly surpassing analyst predictions.

Investment analysts at The Goldman Sachs Group began coverage on shares of Innoviva (NASDAQ:INVA - Get Free Report) in a research report issued on Tuesday, MarketBeat reports. The brokerage set a "sell" rating on the biotechnology company's stock.

A number of other research firms have also commented on INVA. Cantor Fitzgerald initiated coverage on shares of Innoviva in a research note on Friday, July 11th. They issued an "overweight" rating and a $26.00 price objective for the company. HC Wainwright raised their price objective on shares of Innoviva from $40.00 to $45.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Oppenheimer initiated coverage on shares of Innoviva in a research note on Monday, August 11th. They issued an "outperform" rating and a $45.00 price objective for the company. Finally, Wall Street Zen raised shares of Innoviva from a "buy" rating to a "strong-buy" rating in a research note on Sunday, September 21st. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Innoviva currently has a consensus rating of "Moderate Buy" and an average target price of $37.60.

Innoviva Trading Down 0.4%

Shares of NASDAQ:INVA opened at $18.17 on Tuesday. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 58.61 and a beta of 0.41. Innoviva has a 1-year low of $16.67 and a 1-year 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. The company has a 50 day moving average price of $19.51 and a 200 day moving average price of $19.20.

Innoviva (NASDAQ:INVA - Get Free Report) last issued 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 analysts' expectations of $87.10 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. On average, research analysts anticipate that Innoviva will post 0.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of INVA. Martingale Asset Management L P lifted its holdings in Innoviva by 0.7% during the 1st quarter. Martingale Asset Management L P now owns 78,412 shares of the biotechnology company's stock valued at $1,422,000 after purchasing an additional 570 shares during the last quarter. Bank of Montreal Can lifted its holdings in Innoviva by 4.2% during the 2nd quarter. Bank of Montreal Can now owns 18,853 shares of the biotechnology company's stock valued at $379,000 after purchasing an additional 767 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Innoviva by 10.3% during the 1st quarter. Farther Finance Advisors LLC now owns 8,516 shares of the biotechnology company's stock valued at $153,000 after purchasing an additional 795 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in Innoviva by 5.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 16,053 shares of the biotechnology company's stock valued at $323,000 after purchasing an additional 889 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Innoviva by 7.6% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,183 shares of the biotechnology company's stock valued at $285,000 after purchasing an additional 1,000 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.