Innoviva (NASDAQ:INVA) was upgraded by BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.
A number of other brokerages have also issued reports on INVA. Zacks Investment Research raised shares of Innoviva from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a report on Wednesday. ValuEngine raised shares of Innoviva from a “sell” rating to a “hold” rating in a report on Wednesday, October 17th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $15.67.
Innoviva stock opened at $16.39 on Friday. Innoviva has a 52-week low of $12.21 and a 52-week high of $17.99. The firm has a market cap of $1.59 billion, a PE ratio of 14.01 and a beta of 2.19.
Innoviva (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, October 31st. The biotechnology company reported $0.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.06). Innoviva had a net margin of 75.67% and a negative return on equity of 110.01%. The firm had revenue of $61.70 million during the quarter, compared to analysts’ expectations of $64.00 million. During the same period in the prior year, the company posted $0.21 EPS. The company’s revenue for the quarter was up 27.0% compared to the same quarter last year. As a group, equities research analysts forecast that Innoviva will post 1.91 EPS for the current fiscal year.
In related news, VP Theodore J. Jr. Witek sold 8,504 shares of the company’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $14.12, for a total value of $120,076.48. Following the completion of the sale, the vice president now owns 256,271 shares of the company’s stock, valued at $3,618,546.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Affinity Investment Advisors LLC lifted its position in Innoviva by 14.2% in the second quarter. Affinity Investment Advisors LLC now owns 32,086 shares of the biotechnology company’s stock valued at $443,000 after buying an additional 3,988 shares during the last quarter. Aperio Group LLC lifted its position in Innoviva by 13.9% in the second quarter. Aperio Group LLC now owns 37,228 shares of the biotechnology company’s stock valued at $514,000 after buying an additional 4,555 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in Innoviva by 16.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 32,680 shares of the biotechnology company’s stock valued at $451,000 after buying an additional 4,690 shares during the last quarter. Aurora Investment Counsel lifted its position in Innoviva by 5.2% in the third quarter. Aurora Investment Counsel now owns 109,100 shares of the biotechnology company’s stock valued at $1,663,000 after buying an additional 5,433 shares during the last quarter. Finally, Meritage Portfolio Management lifted its position in Innoviva by 1.9% in the second quarter. Meritage Portfolio Management now owns 296,728 shares of the biotechnology company’s stock valued at $4,095,000 after buying an additional 5,457 shares during the last quarter. 72.44% of the stock is currently owned by institutional investors.
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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