Berenberg Bank began coverage on shares of Innoviva (NASDAQ:INVA) in a report issued on Thursday morning, The Fly reports. The brokerage issued a buy rating on the biotechnology company’s stock.
A number of other research firms have also recently weighed in on INVA. Zacks Investment Research raised Innoviva from a hold rating to a buy rating and set a $18.00 price target for the company in a report on Tuesday. Stifel Nicolaus reissued a hold rating and issued a $17.00 target price 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 investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Innoviva currently has an average rating of Hold and an average price target of $14.17.
INVA stock traded up $0.13 during midday trading on Thursday, reaching $16.36. 182,142 shares of the company’s stock traded hands, compared to its average volume of 989,760. Innoviva has a 1-year low of $11.02 and a 1-year high of $17.99. The stock has a market capitalization of $1,619.00, a price-to-earnings ratio of 13.87 and a beta of 2.17. 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 released its quarterly earnings results on Thursday, February 8th. The biotechnology company reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. Innoviva had a negative return on equity of 48.93% and a net margin of 61.76%. The firm had revenue of $69.52 million during the quarter, compared to analysts’ expectations of $67.41 million. During the same period last year, the firm posted $0.22 EPS. The business’s revenue was up 59.4% on a year-over-year basis. equities analysts expect that Innoviva will post 2.26 earnings per share for the current fiscal year.
In related news, insider Eric Desparbes sold 5,378 shares of Innoviva stock in a transaction 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 available through the SEC website. Also, VP George B. Abercrombie sold 8,000 shares of Innoviva stock in a transaction 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. 1.60% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC acquired a new stake in shares of Innoviva during the third quarter worth $144,000. Macquarie Group Ltd. acquired a new stake in shares of Innoviva during the third quarter worth $144,000. Meadow Creek Investment Management LLC grew its stake in shares of 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 acquired a new stake in shares of Innoviva during the fourth quarter worth $201,000. Finally, Caxton Associates LP acquired a new stake in shares of Innoviva during the fourth quarter worth $256,000. 75.04% of the stock is owned by institutional investors and hedge funds.
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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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