Cantor Fitzgerald Issues Positive Forecast for Innoviva (NASDAQ:INVA) Stock Price

Innoviva (NASDAQ:INVA) had its target price raised by research analysts at Cantor Fitzgerald from $29.00 to $31.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Cantor Fitzgerald’s target price points to a potential upside of 57.03% from the stock’s current price.

Several other research analysts have also commented on INVA. HC Wainwright raised their price target on shares of Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, August 11th. Weiss Ratings restated a “hold (c)” rating on shares of Innoviva in a report on Wednesday, October 8th. Oppenheimer assumed coverage on shares of Innoviva in a research report on Monday, August 11th. They issued an “outperform” rating and a $45.00 price objective for the company. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. Finally, Zacks Research raised shares of Innoviva from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $38.60.

Innoviva Trading Up 8.3%

INVA stock traded up $1.51 during midday trading on Thursday, hitting $19.74. The stock had a trading volume of 148,269 shares, compared to its average volume of 799,379. The firm has a market cap of $1.24 billion, a PE ratio of 64.61 and a beta of 0.40. The company’s 50-day moving average price is $18.61 and its 200 day moving average price is $19.21. Innoviva has a 12-month low of $16.52 and a 12-month high of $22.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.20. Innoviva had a return on equity of 18.67% and a net margin of 10.44%.The firm had revenue of $100.28 million for the quarter, compared to analyst estimates of $87.10 million. On average, equities research analysts predict that Innoviva will post 0.33 earnings per share for the current fiscal year.

Institutional Trading of Innoviva

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC increased its position in shares of Innoviva by 318.4% in the 1st quarter. Millennium Management LLC now owns 1,676,057 shares of the biotechnology company’s stock worth $30,387,000 after purchasing an additional 1,275,444 shares during the last quarter. Marshall Wace LLP raised its stake in Innoviva by 870.3% during the second quarter. Marshall Wace LLP now owns 1,332,966 shares of the biotechnology company’s stock valued at $26,779,000 after buying an additional 1,195,596 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Innoviva by 85.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,708,482 shares of the biotechnology company’s stock worth $34,323,000 after acquiring an additional 786,409 shares in the last quarter. Nuveen LLC bought a new stake in shares of Innoviva in the 1st quarter valued at approximately $7,307,000. Finally, American Century Companies Inc. lifted its stake in Innoviva by 23.3% during the second quarter. American Century Companies Inc. now owns 2,066,753 shares of the biotechnology company’s stock worth $41,521,000 after purchasing an additional 391,056 shares during the last quarter. Institutional investors own 99.12% of the company’s stock.

About Innoviva

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.