Innoviva, Inc. (NASDAQ:INVA) Receives Consensus Rating of “Moderate Buy” from Brokerages

Innoviva, Inc. (NASDAQ:INVA) has earned a consensus rating of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $36.20.

INVA has been the topic of several recent analyst reports. BTIG Research restated a “buy” rating and set a $42.00 price objective on shares of Innoviva in a research note on Tuesday, May 26th. HC Wainwright reiterated a “buy” rating and issued a $46.00 price target on shares of Innoviva in a research note on Monday, June 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research note on Friday, March 27th. Finally, Wall Street Zen upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a research note on Saturday.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Parallel Advisors LLC lifted its position in shares of Innoviva by 82.8% during the first quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 534 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Innoviva by 6.6% during the first quarter. Bank of America Corp DE now owns 1,619,994 shares of the biotechnology company’s stock valued at $37,746,000 after purchasing an additional 100,791 shares in the last quarter. Edgestream Partners L.P. bought a new position in shares of Innoviva during the first quarter valued at about $3,081,000. California State Teachers Retirement System lifted its position in shares of Innoviva by 42.2% during the first quarter. California State Teachers Retirement System now owns 74,468 shares of the biotechnology company’s stock valued at $1,735,000 after purchasing an additional 22,103 shares in the last quarter. Finally, Empowered Funds LLC lifted its position in shares of Innoviva by 125.2% during the first quarter. Empowered Funds LLC now owns 168,055 shares of the biotechnology company’s stock valued at $3,916,000 after purchasing an additional 93,424 shares in the last quarter. 99.12% of the stock is owned by institutional investors.

Innoviva Stock Up 1.6%

Innoviva stock opened at $22.52 on Friday. The firm has a market capitalization of $1.66 billion, a PE ratio of 3.75 and a beta of 0.35. The company’s 50-day moving average is $22.88 and its 200-day moving average is $21.75. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01. The company had revenue of $97.99 million for 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%. Sell-side analysts anticipate that Innoviva will post 2.23 earnings per share for the current year.

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.