Innoviva (NASDAQ:INVA) Shares Gap Up After Analyst Upgrade

Innoviva, Inc. (NASDAQ:INVA)’s stock price gapped up prior to trading on Thursday after Cantor Fitzgerald raised their price target on the stock from $29.00 to $31.00. The stock had previously closed at $18.23, but opened at $19.85. Cantor Fitzgerald currently has an overweight rating on the stock. Innoviva shares last traded at $20.4450, with a volume of 406,434 shares traded.

INVA has been the subject of several other reports. The Goldman Sachs Group started coverage on Innoviva in a research report on Tuesday, September 30th. They set a “sell” rating and a $17.00 price objective for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Innoviva in a research report on Wednesday, October 8th. Oppenheimer started coverage on Innoviva in a research report on Monday, August 11th. They set an “outperform” rating and a $45.00 price objective for the company. Zacks Research upgraded Innoviva from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Finally, HC Wainwright boosted their price objective on Innoviva from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.60.

Institutional Investors Weigh In On Innoviva

Institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC lifted its position in shares of Innoviva by 157.5% during the 2nd quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 1,131 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in shares of Innoviva during the 2nd quarter valued at $43,000. EverSource Wealth Advisors LLC lifted its position in shares of Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 1,795 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Innoviva during the 1st quarter valued at $56,000. Finally, Asset Management One Co. Ltd. acquired a new stake in shares of Innoviva during the 3rd quarter valued at $60,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Price Performance

The business has a 50-day moving average price of $18.61 and a 200 day moving average price of $19.21. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 65.72 and a beta of 0.40. 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 (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.20. The company had revenue of $100.28 million during the quarter, compared to the consensus estimate of $87.10 million. Innoviva had a return on equity of 18.67% and a net margin of 10.44%. As a group, research analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

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.