Innoviva (NASDAQ:INVA) Downgraded to Hold Rating by Wall Street Zen

by · The Cerbat Gem

Wall Street Zen cut shares of Innoviva (NASDAQ:INVA – Free Report) from a buy rating to a hold rating in a research report released on Sunday.

A number of other analysts have also issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research note on Friday, March 27th. BTIG Research boosted their target price on shares of Innoviva from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Innoviva currently has an average rating of “Moderate Buy” and an average target price of $36.20.

Read Our Latest Analysis on INVA

Innoviva Price Performance

Shares of INVA opened at $21.97 on Friday. The firm has a market capitalization of $1.62 billion, a P/E ratio of 3.66 and a beta of 0.38. Innoviva has a 12-month low of $16.52 and a 12-month high of $25.15. The company has a current ratio of 21.13, a quick ratio of 20.07 and a debt-to-equity ratio of 0.19. The firm has a fifty day moving average price of $22.91 and a 200-day moving average price of $21.53.

Innoviva (NASDAQ:INVA – Get Free Report) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $97.99 million during the quarter, compared to analyst estimates of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. Equities research analysts expect that Innoviva will post 1.96 earnings per share for the current year.

Institutional Trading of Innoviva

Several institutional investors and hedge funds have recently made changes to their positions in INVA. Royal Bank of Canada raised its holdings in shares of Innoviva by 81.1% in the first quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock valued at $389,000 after acquiring an additional 9,639 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Innoviva by 17.8% in the first quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock valued at $3,036,000 after acquiring an additional 25,317 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Innoviva by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock valued at $596,000 after acquiring an additional 1,392 shares in the last quarter. NewEdge Advisors LLC bought a new stake in shares of Innoviva in the first quarter valued at about $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Innoviva by 21.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock valued at $3,102,000 after acquiring an additional 30,792 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors.

Innoviva Company Profile

(Get Free Report)

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.

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