Brokerages Set Innoviva, Inc. (NASDAQ:INVA) PT at $36.20

Innoviva, Inc. (NASDAQ:INVA) has been given a consensus recommendation of “Moderate Buy” by the seven brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $36.20.

Several analysts recently issued reports on the stock. Wall Street Zen lowered shares of Innoviva from a “buy” rating to a “hold” rating in a report on Sunday. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research report on Friday, March 27th. Finally, BTIG Research boosted their price target on shares of Innoviva from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, May 7th.

Institutional Trading of Innoviva

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in shares of Innoviva by 81.1% during the first quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock worth $389,000 after buying an additional 9,639 shares during the period. AQR Capital Management LLC raised its holdings in shares of Innoviva by 17.8% in the 1st quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock valued at $3,036,000 after buying an additional 25,317 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Innoviva by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock valued at $596,000 after buying an additional 1,392 shares during the period. NewEdge Advisors LLC acquired a new position in Innoviva during the 1st quarter worth about $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Innoviva by 21.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock worth $3,102,000 after acquiring an additional 30,792 shares in the last quarter. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Trading Down 0.3%

Shares of Innoviva stock opened at $21.73 on Wednesday. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of 3.62 and a beta of 0.38. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The company has a debt-to-equity ratio of 0.19, a quick ratio of 20.07 and a current ratio of 21.13. The stock has a 50 day moving average of $22.90 and a 200 day moving average of $21.59.

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. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.The company had revenue of $97.99 million for the quarter, compared to the consensus estimate of $101.57 million. As a group, research analysts predict that Innoviva will post 1.96 earnings per share for the current year.

About Innoviva

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.