Wall Street Zen Downgrades Innoviva (NASDAQ:INVA) to Hold

Innoviva (NASDAQ:INVA) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

INVA has been the topic of several other research reports. BTIG Research restated a “buy” rating and set a $42.00 target price on shares of Innoviva in a research report on Monday, June 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research report on Wednesday, June 24th. Finally, HC Wainwright reiterated a “buy” rating and set a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Innoviva has an average rating of “Moderate Buy” and a consensus target price of $36.20.

Innoviva Price Performance

INVA opened at $20.97 on Friday. The firm has a 50-day moving average price of $22.19 and a 200-day moving average price of $22.26. Innoviva has a twelve month low of $16.52 and a twelve month high of $25.15. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 3.49 and a beta of 0.35.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The company had revenue of $97.99 million for the quarter, compared to analysts’ expectations of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. Equities analysts expect that Innoviva will post 2.2 EPS for the current year.

Hedge Funds Weigh In On Innoviva

Several hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC lifted its stake in Innoviva by 82.8% in the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 534 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Innoviva by 297.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,795 shares during the period. Danske Bank A S purchased a new position in shares of Innoviva during the 3rd quarter valued at $55,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Innoviva by 49.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock valued at $73,000 after purchasing an additional 1,197 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of Innoviva in the second quarter worth $92,000. 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.