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

Innoviva (NASDAQ:INVA)‘s stock had its “buy” rating reissued by equities researchers at BTIG Research in a note issued to investors on Monday,Benzinga reports. They presently have a $42.00 price objective on the biotechnology company’s stock. BTIG Research’s price objective points to a potential upside of 85.27% from the stock’s previous close.

A number of other analysts also recently commented on INVA. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a report on Friday, March 27th. Wall Street Zen upgraded Innoviva from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $46.00 target price on shares of Innoviva in a research note on Monday, June 1st. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Innoviva Price Performance

Shares of INVA traded up $0.18 during trading hours on Monday, hitting $22.67. 911,038 shares of the stock were exchanged, compared to its average volume of 759,260. The stock’s 50-day moving average price is $22.78 and its two-hundred day moving average price is $21.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 20.07 and a current ratio of 21.13. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 3.77 and a beta of 0.35. Innoviva has a 12-month low of $16.52 and a 12-month high of $25.15.

Innoviva (NASDAQ:INVA) last announced its earnings results 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. 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%. Research analysts expect that Innoviva will post 2.23 earnings per share for the current year.

Hedge Funds Weigh In On Innoviva

Large investors have recently made changes to their positions in the stock. Oliver Luxxe Assets LLC purchased a new stake in Innoviva during the 4th quarter worth about $1,693,000. Orion Porfolio Solutions LLC boosted its stake in shares of Innoviva by 28.2% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 101,858 shares of the biotechnology company’s stock valued at $1,859,000 after buying an additional 22,412 shares during the period. Jennison Associates LLC acquired a new position in shares of Innoviva during the fourth quarter worth about $928,000. Royce & Associates LP increased its stake in shares of Innoviva by 641.2% during the third quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock worth $9,233,000 after buying an additional 437,654 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Innoviva by 49.9% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 173,119 shares of the biotechnology company’s stock valued at $3,457,000 after acquiring an additional 57,616 shares in the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

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.