Innoviva (NASDAQ:INVA) Price Target Lowered to $34.00 at Cantor Fitzgerald

Innoviva (NASDAQ:INVA) had its price target lowered by stock analysts at Cantor Fitzgerald from $36.00 to $34.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 61.06% from the stock’s current price.

A number of other brokerages have also commented on INVA. HC Wainwright reissued a “buy” rating and issued a $46.00 price objective on shares of Innoviva in a research report on Monday, June 1st. Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Zacks Research lowered Innoviva from a “hold” rating to a “strong sell” rating in a report on Friday, July 31st. BTIG Research restated a “buy” rating and issued a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a report on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, Innoviva presently has an average rating of “Hold” and a consensus price target of $36.80.

Innoviva Stock Up 2.9%

INVA stock opened at $21.11 on Friday. The business has a 50-day moving average of $22.07 and a 200-day moving average of $22.29. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The stock has a market capitalization of $1.56 billion, a P/E ratio of 5.15 and a beta of 0.35. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07.

Innoviva (NASDAQ:INVA) last released its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $97.99 million during the quarter, compared to the consensus estimate of $101.57 million. Innoviva had a return on equity of 28.37% and a net margin of 81.19%. On average, sell-side analysts anticipate that Innoviva will post 2.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Innoviva

Several large investors have recently modified their holdings of the stock. Creative Planning boosted its position in shares of Innoviva by 0.8% during the third quarter. Creative Planning now owns 61,365 shares of the biotechnology company’s stock valued at $1,120,000 after buying an additional 461 shares during the last quarter. Bailard Inc. lifted its position in shares of Innoviva by 4.7% during the fourth quarter. Bailard Inc. now owns 10,933 shares of the biotechnology company’s stock valued at $219,000 after purchasing an additional 492 shares in the last quarter. Verition Fund Management LLC boosted its holdings in Innoviva by 0.3% during the third quarter. Verition Fund Management LLC now owns 175,855 shares of the biotechnology company’s stock worth $3,209,000 after purchasing an additional 527 shares during the last quarter. Parallel Advisors LLC grew its position in Innoviva by 82.8% in the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 534 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in shares of Innoviva by 3.8% during the 4th quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company’s stock worth $295,000 after buying an additional 540 shares in the last quarter. 99.12% of the stock is owned by institutional investors.

Innoviva Company Profile

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.