BTIG Research Increases Innoviva (NASDAQ:INVA) Price Target to $42.00

Innoviva (NASDAQ:INVA) had its target price raised by stock analysts at BTIG Research from $35.00 to $42.00 in a report released on Thursday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the biotechnology company’s stock. BTIG Research’s price objective points to a potential upside of 83.49% from the stock’s current price.

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research note on Friday, March 27th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Innoviva presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

Innoviva Price Performance

Shares of INVA stock opened at $22.89 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 13.85. The company has a market capitalization of $1.70 billion, a P/E ratio of 3.81 and a beta of 0.38. The company’s 50-day simple moving average is $22.96 and its two-hundred day simple moving average is $21.32. Innoviva has a one year low of $16.52 and a one year high of $25.15.

Innoviva (NASDAQ:INVA) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. The business had revenue of $97.99 million for the quarter, compared to the consensus estimate of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. As a group, equities analysts anticipate that Innoviva will post 1.99 EPS for the current year.

Institutional Investors Weigh In On Innoviva

Several hedge funds have recently modified their holdings of INVA. Vanguard Group Inc. lifted its position in shares of Innoviva by 11.6% in the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock worth $158,263,000 after purchasing an additional 819,757 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Innoviva by 38.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after purchasing an additional 650,151 shares during the period. Boston Partners lifted its position in shares of Innoviva by 63.6% in the 3rd quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock worth $26,125,000 after purchasing an additional 556,517 shares during the period. Royce & Associates LP lifted its position in shares of Innoviva by 641.2% in the 3rd quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock worth $9,233,000 after purchasing an additional 437,654 shares during the period. Finally, Qube Research & Technologies Ltd lifted its position in shares of Innoviva by 68.2% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company’s stock worth $18,679,000 after purchasing an additional 414,889 shares during the period. 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.