Innoviva (INVA) Downgraded by Zacks Investment Research to “Sell”

Innoviva (NASDAQ:INVA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

According to Zacks, “Innoviva, Inc. is focused on the development, commercialization and financial management of bio-pharmaceuticals. The company’s portfolio of respiratory assets partnered with Glaxo Group Limited, including RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) ELLIPTA(R). Innoviva, Inc., formerly known as Theravance, Inc., is headquartered in South San Francisco, California. “

Other research analysts also recently issued reports about the stock. Stifel Nicolaus reissued a “hold” rating and set a $17.00 price objective on shares of Innoviva in a research report on Friday, February 9th. TheStreet raised shares of Innoviva from a “c+” rating to a “b” rating in a research report on Friday, February 9th. BidaskClub raised shares of Innoviva from a “hold” rating to a “buy” rating in a research report on Thursday, December 21st. Robert W. Baird reissued a “hold” rating and set a $13.00 price objective on shares of Innoviva in a research report on Tuesday, October 24th. Finally, Cowen set a $16.00 price objective on shares of Innoviva and gave the company a “buy” rating in a research report on Monday, October 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Innoviva presently has an average rating of “Hold” and an average price target of $13.83.

Shares of Innoviva (NASDAQ:INVA) opened at $16.74 on Tuesday. Innoviva has a 1-year low of $11.02 and a 1-year high of $17.21. The company has a current ratio of 20.49, a quick ratio of 6.71 and a debt-to-equity ratio of -2.47. The company has a market cap of $1,810.00, a price-to-earnings ratio of 14.95 and a beta of 2.52.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Thursday, February 8th. The biotechnology company reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. The business had revenue of $69.52 million for the quarter, compared to the consensus estimate of $67.41 million. Innoviva had a net margin of 61.76% and a negative return on equity of 48.93%. The company’s quarterly revenue was up 59.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.22 EPS. equities analysts anticipate that Innoviva will post 1.98 earnings per share for the current fiscal year.

In other Innoviva news, insider Michael W. Aguiar sold 12,022 shares of the business’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $13.13, for a total transaction of $157,848.86. Following the transaction, the insider now directly owns 980,907 shares of the company’s stock, valued at approximately $12,879,308.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.60% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Innoviva by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 7,459,616 shares of the biotechnology company’s stock worth $95,483,000 after buying an additional 226,969 shares during the period. Sarissa Capital Management LP grew its position in shares of Innoviva by 3.2% in the 3rd quarter. Sarissa Capital Management LP now owns 3,600,705 shares of the biotechnology company’s stock worth $50,841,000 after buying an additional 110,000 shares during the period. State Street Corp grew its position in shares of Innoviva by 14.7% in the 2nd quarter. State Street Corp now owns 2,717,255 shares of the biotechnology company’s stock worth $34,782,000 after buying an additional 348,584 shares during the period. Renaissance Technologies LLC grew its position in shares of Innoviva by 43.2% in the 4th quarter. Renaissance Technologies LLC now owns 1,518,900 shares of the biotechnology company’s stock worth $21,553,000 after buying an additional 458,520 shares during the period. Finally, Northern Trust Corp grew its position in shares of Innoviva by 11.3% in the 2nd quarter. Northern Trust Corp now owns 1,243,046 shares of the biotechnology company’s stock worth $15,911,000 after buying an additional 126,246 shares during the period. 72.39% of the stock is currently owned by hedge funds and other institutional investors.

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Innoviva Company Profile

Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).

Analyst Recommendations for Innoviva (NASDAQ:INVA)

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