Innoviva, Inc. (NASDAQ:INVA) Receives $38.60 Consensus Price Target from Brokerages

Innoviva, Inc. (NASDAQ:INVA) has been assigned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $38.80.

INVA has been the subject of several research analyst reports. HC Wainwright upped their price target on shares of Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday. Zacks Research cut shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. The Goldman Sachs Group initiated coverage on Innoviva in a report on Tuesday, September 30th. They set a “sell” rating and a $17.00 price objective for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Innoviva in a report on Monday, December 8th. Finally, Wall Street Zen raised Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 25th.

Innoviva Stock Down 0.4%

Shares of NASDAQ:INVA opened at $19.99 on Friday. The company has a current ratio of 14.12, a quick ratio of 13.33 and a debt-to-equity ratio of 0.25. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 14.59 and a beta of 0.47. The stock’s 50-day moving average price is $19.85 and its two-hundred day moving average price is $19.73. Innoviva has a 12-month low of $16.52 and a 12-month high of $22.76.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, November 5th. The biotechnology company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.62. Innoviva had a net margin of 32.78% and a return on equity of 28.17%. The company had revenue of $107.80 million during the quarter, compared to the consensus estimate of $91.31 million. On average, research analysts forecast that Innoviva will post 0.33 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of INVA. Parallel Advisors LLC grew its stake in Innoviva by 157.5% during the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company’s stock worth $37,000 after buying an additional 1,131 shares during the period. Elevation Point Wealth Partners LLC acquired a new position in shares of Innoviva during the 2nd quarter valued at $43,000. EverSource Wealth Advisors LLC boosted its position in Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,795 shares during the period. Danske Bank A S purchased a new stake in Innoviva during the 3rd quarter worth $55,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Innoviva in the 1st quarter valued at $56,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.

About Innoviva

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.