Innoviva (NASDAQ:INVA) Lowered to Hold Rating by Zacks Research

Zacks Research downgraded shares of Innoviva (NASDAQ:INVA) from a strong-buy rating to a hold rating in a report issued on Thursday,Zacks.com reports.

A number of other research analysts have also recently issued reports on the stock. HC Wainwright boosted their price objective on shares of Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, August 11th. The Goldman Sachs Group began coverage on shares of Innoviva in a research report on Tuesday, September 30th. They set a “sell” rating and a $17.00 price target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Innoviva in a research report on Wednesday, October 8th. Cantor Fitzgerald raised their price objective on Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Oppenheimer started coverage on Innoviva in a report on Monday, August 11th. They set an “outperform” rating and a $45.00 target price on the stock. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Innoviva has an average rating of “Hold” and a consensus target price of $38.60.

Innoviva Trading Up 1.4%

NASDAQ INVA traded up $0.28 on Thursday, reaching $20.86. The company had a trading volume of 1,108,026 shares, compared to its average volume of 810,345. Innoviva has a 52 week low of $16.52 and a 52 week high of $22.00. The stock’s 50 day moving average is $18.63 and its 200-day moving average is $19.24. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 67.29 and a beta of 0.42.

Innoviva (NASDAQ:INVA) last issued its earnings results on Wednesday, November 5th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 18.67% and a net margin of 10.44%. Equities analysts predict that Innoviva will post 0.33 earnings per share for the current year.

Hedge Funds Weigh In On Innoviva

Large investors have recently bought and sold shares of the company. NewEdge Wealth LLC raised its holdings in shares of Innoviva by 22.7% in the third quarter. NewEdge Wealth LLC now owns 45,822 shares of the biotechnology company’s stock valued at $835,000 after purchasing an additional 8,472 shares during the last quarter. denkapparat Operations GmbH bought a new position in Innoviva in the third quarter valued at $285,000. Assetmark Inc. grew its position in Innoviva by 9.8% in the third quarter. Assetmark Inc. now owns 178,301 shares of the biotechnology company’s stock valued at $3,254,000 after purchasing an additional 15,903 shares in the last quarter. Public Sector Pension Investment Board increased its stake in Innoviva by 24.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 233,484 shares of the biotechnology company’s stock valued at $4,261,000 after buying an additional 45,121 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its position in Innoviva by 8.8% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 29,604 shares of the biotechnology company’s stock worth $540,000 after buying an additional 2,387 shares in the last quarter. 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.