Innoviva’s (INVA) Buy Rating Reiterated at BTIG Research

Innoviva (NASDAQ:INVA)‘s stock had its “buy” rating restated by equities research analysts at BTIG Research in a research note issued on Tuesday,Benzinga reports. They currently have a $42.00 target price on the biotechnology company’s stock. BTIG Research’s target price suggests a potential upside of 87.00% from the stock’s previous close.

Other analysts have also issued reports about the company. Wall Street Zen lowered Innoviva from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a report on Friday, March 27th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

Innoviva Price Performance

Shares of NASDAQ:INVA opened at $22.46 on Tuesday. The company has a current ratio of 21.13, a quick ratio of 20.07 and a debt-to-equity ratio of 0.19. Innoviva has a 1 year low of $16.52 and a 1 year high of $25.15. The business has a fifty day simple moving average of $22.90 and a 200 day simple moving average of $21.71. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 3.74 and a beta of 0.38.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.The business had revenue of $97.99 million during the quarter, compared to analyst estimates of $101.57 million. As a group, sell-side analysts predict that Innoviva will post 1.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innoviva

Institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its position in Innoviva by 82.8% during the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock worth $27,000 after buying an additional 534 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Innoviva by 297.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,795 shares in the last quarter. Danske Bank A S bought a new position in Innoviva during the third quarter worth about $55,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Innoviva by 49.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock worth $73,000 after purchasing an additional 1,197 shares during the period. Finally, Lazard Asset Management LLC bought a new position in Innoviva during the second quarter worth about $92,000. 99.12% of the stock is 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.