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

Wall Street Zen cut shares of Innoviva (NASDAQ:INVA) from a strong-buy rating to a buy rating in a research note issued to investors on Friday morning.

A number of other equities analysts have also weighed in on INVA. The Goldman Sachs Group started coverage on shares of Innoviva in a research report on Tuesday. They issued a “sell” rating and a $17.00 price objective on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Innoviva in a research report on Saturday, September 27th. Oppenheimer initiated coverage on shares of Innoviva in a research report on Monday, August 11th. They issued an “outperform” rating and a $45.00 price objective on the stock. HC Wainwright boosted their target price on shares of Innoviva from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, August 11th. Finally, Cantor Fitzgerald initiated coverage on shares of Innoviva in a research report on Friday, July 11th. They set an “overweight” rating and a $26.00 target price on the stock. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Innoviva presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.60.

Innoviva Stock Performance

NASDAQ:INVA opened at $17.48 on Friday. The firm’s fifty day moving average price is $19.46 and its 200 day moving average price is $19.20. Innoviva has a 1-year low of $16.67 and a 1-year high of $22.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 56.39 and a beta of 0.40.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.20. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The firm had revenue of $100.28 million for the quarter, compared to analyst estimates of $87.10 million. On average, sell-side analysts expect that Innoviva will post 0.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in INVA. Millennium Management LLC lifted its holdings in shares of Innoviva by 318.4% during the 1st quarter. Millennium Management LLC now owns 1,676,057 shares of the biotechnology company’s stock worth $30,387,000 after acquiring an additional 1,275,444 shares during the period. Marshall Wace LLP grew its holdings in shares of Innoviva by 870.3% during the 2nd quarter. Marshall Wace LLP now owns 1,332,966 shares of the biotechnology company’s stock worth $26,779,000 after purchasing an additional 1,195,596 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Innoviva by 85.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,708,482 shares of the biotechnology company’s stock worth $34,323,000 after purchasing an additional 786,409 shares during the period. Nuveen LLC purchased a new stake in shares of Innoviva during the 1st quarter worth about $7,307,000. Finally, American Century Companies Inc. boosted its holdings in Innoviva by 23.3% in the 2nd quarter. American Century Companies Inc. now owns 2,066,753 shares of the biotechnology company’s stock worth $41,521,000 after acquiring an additional 391,056 shares during the period. Institutional investors and hedge funds own 99.12% of the company’s stock.

About Innoviva

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.