Innoviva, Inc. (NASDAQ:INVA) Receives $38.60 Average Price Target from Analysts

Shares of Innoviva, Inc. (NASDAQ:INVA) have been assigned an average rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $38.60.

Several brokerages recently commented on INVA. Wall Street Zen raised Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 25th. Cantor Fitzgerald increased their price objective on Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. HC Wainwright raised their target price on shares of Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, August 11th. Zacks Research downgraded shares of Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Finally, Oppenheimer started coverage on shares of Innoviva in a research report on Monday, August 11th. They set an “outperform” rating and a $45.00 price target on the stock.

Innoviva Stock Down 0.9%

Innoviva stock opened at $20.96 on Wednesday. The company has a current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36. Innoviva has a 1-year low of $16.52 and a 1-year high of $22.76. The company has a fifty day simple moving average of $18.91 and a 200 day simple moving average of $19.46. The company has a market cap of $1.57 billion, a P/E ratio of 67.62 and a beta of 0.42.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.46 by $0.62. The firm had revenue of $107.80 million for the quarter, compared to analysts’ expectations of $91.31 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. Research analysts anticipate that Innoviva will post 0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innoviva

Several hedge funds have recently bought and sold shares of INVA. Ballentine Partners LLC bought a new position in shares of Innoviva during the 2nd quarter worth approximately $350,000. GAMMA Investing LLC lifted its holdings in Innoviva by 58.9% during the 2nd quarter. GAMMA Investing LLC now owns 7,146 shares of the biotechnology company’s stock valued at $144,000 after purchasing an additional 2,648 shares during the last quarter. US Bancorp DE boosted its position in Innoviva by 356.0% during the first quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company’s stock worth $231,000 after purchasing an additional 9,956 shares during the period. Allianz Asset Management GmbH increased its holdings in shares of Innoviva by 210.5% in the second quarter. Allianz Asset Management GmbH now owns 82,282 shares of the biotechnology company’s stock valued at $1,653,000 after purchasing an additional 55,782 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Innoviva in the first quarter valued at $7,307,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

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.