Innoviva Inc. (INVA) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research cut shares of Innoviva Inc. (NASDAQ:INVA) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning. Zacks Investment Research currently has $13.00 price objective on the stock.
According to Zacks, “Innoviva, Inc. is focused on the development, commercialization and financial management of bio-pharmaceuticals. The company’s portfolio of respiratory assets partnered with Glaxo Group Limited, including RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) ELLIPTA(R). Innoviva, Inc., formerly known as Theravance, Inc., is headquartered in South San Francisco, California. “
A number of other research analysts have also weighed in on INVA. TheStreet raised shares of Innoviva from a sell rating to a hold rating in a research note on Thursday, July 28th. Robert W. Baird reissued a neutral rating and issued a $11.00 target price (up from $9.00) on shares of Innoviva in a research note on Sunday, July 31st. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $10.75.
Shares of Innoviva (NASDAQ:INVA) opened at 11.21 on Wednesday. The firm has a 50 day moving average price of $11.52 and a 200-day moving average price of $11.78. Innoviva has a 12-month low of $6.83 and a 12-month high of $14.15. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 67.94 and a beta of 1.72.
Innoviva (NASDAQ:INVA) last released its earnings results on Thursday, July 28th. The company reported $0.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.06. Innoviva had a net margin of 20.15% and a negative return on equity of 7.39%. The business had revenue of $32.47 million for the quarter, compared to analyst estimates of $31.13 million. During the same period last year, the company posted ($0.07) EPS. The business’s revenue was up 204.6% on a year-over-year basis. On average, equities analysts expect that Innoviva will post $0.63 earnings per share for the current fiscal year.
In other Innoviva news, CFO Eric Desparbes sold 3,700 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $11.77, for a total value of $43,549.00. Following the completion of the transaction, the chief financial officer now owns 239,893 shares of the company’s stock, valued at approximately $2,823,540.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Nomura Holdings Inc. boosted its position in shares of Innoviva by 661.7% in the second quarter. Nomura Holdings Inc. now owns 774,279 shares of the company’s stock valued at $8,273,000 after buying an additional 672,631 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Innoviva by 2.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 294,326 shares of the company’s stock valued at $3,100,000 after buying an additional 5,670 shares in the last quarter. American Century Companies Inc. acquired a new position in shares of Innoviva during the second quarter valued at approximately $4,332,000. Legal & General Group Plc boosted its position in shares of Innoviva by 16.6% in the second quarter. Legal & General Group Plc now owns 19,631 shares of the company’s stock valued at $204,000 after buying an additional 2,794 shares in the last quarter. Finally, GLG LLC acquired a new position in shares of Innoviva during the second quarter valued at approximately $980,000. 81.20% of the stock is owned by institutional investors.
Innoviva Company Profile
Innoviva, Inc, formerly Theravance, Inc, focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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