Innoviva (NASDAQ:INVA) Upgraded to “Strong-Buy” at BTIG Research

Innoviva (NASDAQ:INVA) was upgraded by stock analysts at BTIG Research to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Several other research analysts have also weighed in on the company. HC Wainwright upped their target price on Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday, December 16th. Wall Street Zen upgraded Innoviva from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 25th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. Cantor Fitzgerald lifted their target price on shares of Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Finally, Zacks Research lowered shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given 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 $38.17.

Innoviva Trading Up 5.1%

Shares of NASDAQ:INVA opened at $23.85 on Tuesday. The firm has a fifty day moving average of $20.35 and a two-hundred day moving average of $19.83. The company has a quick ratio of 13.33, a current ratio of 14.12 and a debt-to-equity ratio of 0.25. Innoviva has a 12-month low of $16.52 and a 12-month high of $23.91. The firm has a market capitalization of $1.78 billion, a P/E ratio of 17.41 and a beta of 0.44.

Institutional Trading of Innoviva

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Innoviva by 11.6% in the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after buying an additional 819,757 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Innoviva by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,360,401 shares of the biotechnology company’s stock valued at $87,164,000 after acquiring an additional 30,048 shares during the period. State Street Corp grew its position in shares of Innoviva by 9.4% in the fourth quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock valued at $55,908,000 after purchasing an additional 239,848 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Innoviva by 38.1% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock valued at $43,045,000 after purchasing an additional 650,151 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Innoviva by 13.8% in the third quarter. American Century Companies Inc. now owns 2,351,006 shares of the biotechnology company’s stock worth $42,906,000 after purchasing an additional 284,253 shares during the period. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Company Profile

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.