BTIG Research Reiterates “Buy” Rating for Innoviva (NASDAQ:INVA)

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

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

Innoviva Stock Up 0.8%

Shares of Innoviva stock traded up $0.18 on Monday, reaching $22.67. The stock had a trading volume of 911,038 shares, compared to its average volume of 759,260. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.67 billion, a P/E ratio of 3.77 and a beta of 0.35. The company has a 50 day moving average price of $22.78 and a 200 day moving average price of $21.83. Innoviva has a 1 year low of $16.52 and a 1 year high of $25.15.

Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The company had revenue of $97.99 million during 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%. As a group, equities research analysts forecast that Innoviva will post 2.23 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of INVA. Parallel Advisors LLC grew its stake in Innoviva by 82.8% in the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock valued at $27,000 after acquiring an additional 534 shares during the period. EverSource Wealth Advisors LLC raised its position in Innoviva by 297.7% during the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,795 shares during the period. Danske Bank A S acquired a new position in Innoviva during the third quarter worth $55,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Innoviva by 49.1% during the fourth 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. Finally, Lazard Asset Management LLC purchased a new position in Innoviva during the second quarter valued at $92,000. 99.12% of the stock is currently owned by hedge funds and other institutional investors.

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.