Innoviva (INVA) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Innoviva (NASDAQ:INVA) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $18.00 price target on the biotechnology company’s stock.

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. “

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Several other brokerages have also recently commented on INVA. Stifel Nicolaus reissued a hold rating and issued a $17.00 price target on shares of Innoviva in a research note on Friday, February 9th. BidaskClub raised Innoviva from a buy rating to a strong-buy rating in a research note on Saturday, March 24th. TheStreet raised Innoviva from a c+ rating to a b rating in a research note on Friday, February 9th. Finally, ValuEngine raised Innoviva from a hold rating to a buy rating in a research note on Wednesday, March 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $14.17.

Shares of NASDAQ INVA opened at $15.97 on Tuesday. The company has a market capitalization of $1,643.44, a P/E ratio of 13.65 and a beta of 2.17. Innoviva has a 52 week low of $11.02 and a 52 week high of $17.99. The company has a debt-to-equity ratio of -2.37, a current ratio of 5.77 and a quick ratio of 5.77.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Thursday, February 8th. The biotechnology company reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The business had revenue of $69.52 million during the quarter, compared to analysts’ expectations of $67.41 million. Innoviva had a negative return on equity of 48.93% and a net margin of 61.76%. The firm’s quarterly revenue was up 59.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. equities analysts forecast that Innoviva will post 2.26 earnings per share for the current year.

In other Innoviva news, insider Eric Desparbes sold 5,378 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $16.52, for a total transaction of $88,844.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP George B. Abercrombie sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $16.51, for a total value of $132,080.00. The disclosure for this sale can be found here. 1.44% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the business. Jane Street Group LLC bought a new stake in Innoviva during the third quarter worth approximately $144,000. Macquarie Group Ltd. bought a new stake in Innoviva during the third quarter worth approximately $144,000. Meadow Creek Investment Management LLC boosted its position in Innoviva by 30.0% during the fourth quarter. Meadow Creek Investment Management LLC now owns 14,084 shares of the biotechnology company’s stock worth $200,000 after purchasing an additional 3,248 shares during the period. Xact Kapitalforvaltning AB bought a new stake in Innoviva during the fourth quarter worth approximately $201,000. Finally, Caxton Associates LP bought a new stake in Innoviva during the fourth quarter worth approximately $256,000. 75.04% of the stock is owned by hedge funds and other institutional investors.

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Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of bio-pharmaceuticals. Its portfolio of respiratory products include RELVAR/BREO ELLIPTA, (fluticasone furoate/ vilanterol, FF/VI); ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI); and TRELEGY ELLIPTA (the combination FF/UMEC/VI).

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