Innoviva (NASDAQ:INVA) Downgraded to “Hold” Rating by Zacks Research

Innoviva (NASDAQ:INVA) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

INVA has been the subject of a number of other research reports. The Goldman Sachs Group started coverage on Innoviva in a research note on Tuesday, September 30th. They issued a “sell” rating and a $17.00 price target for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Innoviva in a research note on Wednesday, October 8th. HC Wainwright boosted their price target on Innoviva from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, August 11th. Cantor Fitzgerald increased their price objective on shares of Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Oppenheimer assumed coverage on shares of Innoviva in a report on Monday, August 11th. They issued an “outperform” rating and a $45.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $38.60.

Innoviva Trading Up 1.4%

Shares of NASDAQ:INVA opened at $20.86 on Thursday. Innoviva has a 12-month low of $16.52 and a 12-month high of $22.00. The company has a market cap of $1.31 billion, a PE ratio of 67.29 and a beta of 0.42. The stock has a 50 day moving average of $18.63 and a 200 day moving average of $19.24. The company has a current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.62. The business had revenue of $107.80 million during the quarter, compared to analyst estimates of $91.31 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. As a group, equities research analysts expect that Innoviva will post 0.33 EPS for the current year.

Institutional Investors Weigh In On Innoviva

Large investors have recently bought and sold shares of the business. Parallel Advisors LLC lifted its position in Innoviva by 157.5% during the second quarter. Parallel Advisors LLC now owns 1,849 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 1,131 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of Innoviva in the 2nd quarter valued at about $43,000. EverSource Wealth Advisors LLC grew its position in Innoviva by 297.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after acquiring an additional 1,795 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Innoviva during the first quarter worth approximately $56,000. Finally, Asset Management One Co. Ltd. bought a new stake in Innoviva during the third quarter worth approximately $60,000. Institutional investors own 99.12% of the company’s stock.

Innoviva Company Profile

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.