Innoviva (NASDAQ:INVA) Given New $42.00 Price Target at BTIG Research

Innoviva (NASDAQ:INVA) had its price target raised by BTIG Research from $35.00 to $42.00 in a report published on Thursday, Marketbeat.com reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Separately, Weiss Ratings reaffirmed 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 given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.20.

Innoviva Stock Performance

NASDAQ:INVA opened at $22.80 on Thursday. The company has a 50-day moving average of $22.96 and a 200-day moving average of $21.32. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 3.79 and a beta of 0.38. The company has a current ratio of 14.64, a quick ratio of 13.85 and a debt-to-equity ratio of 0.22. Innoviva has a twelve month low of $16.52 and a twelve month high of $25.15.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.43 by $0.01. The business 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 36.58%. Analysts forecast that Innoviva will post 1.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC increased its stake in shares of Innoviva by 82.8% during 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 during the last quarter. EverSource Wealth Advisors LLC increased 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 buying an additional 1,795 shares during the period. Danske Bank A S acquired a new position in shares of Innoviva in the 3rd quarter worth approximately $55,000. Asset Management One Co. Ltd. acquired a new stake in shares of Innoviva during the 3rd quarter worth about $60,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in 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. 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.