HC Wainwright Reiterates Buy Rating for Innoviva (NASDAQ:INVA)

Innoviva (NASDAQ:INVA)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report released on Monday,Benzinga reports. They currently have a $46.00 price objective on the biotechnology company’s stock. HC Wainwright’s price objective points to a potential upside of 114.75% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Friday, March 27th. BTIG Research reissued a “buy” rating and set a $42.00 target price on shares of Innoviva in a research report on Tuesday, May 26th. Finally, Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Innoviva currently has a consensus rating of “Moderate Buy” and an average target price of $36.20.

Innoviva Stock Performance

Innoviva stock opened at $21.42 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 21.13 and a quick ratio of 20.07. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 3.56 and a beta of 0.35. Innoviva has a one year low of $16.52 and a one year high of $25.15. The company’s fifty day moving average price is $22.90 and its two-hundred day moving average price is $21.76.

Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.43 by $0.01. The firm had revenue of $97.99 million for the quarter, compared to the consensus estimate of $101.57 million. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. On average, analysts forecast that Innoviva will post 1.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innoviva

A number of hedge funds have recently bought and sold shares of the company. Bank of America Corp DE boosted its holdings in Innoviva by 6.6% during the first quarter. Bank of America Corp DE now owns 1,619,994 shares of the biotechnology company’s stock valued at $37,746,000 after acquiring an additional 100,791 shares during the period. Edgestream Partners L.P. bought a new stake in Innoviva during the first quarter valued at about $3,081,000. California State Teachers Retirement System lifted its stake in shares of Innoviva by 42.2% in the first quarter. California State Teachers Retirement System now owns 74,468 shares of the biotechnology company’s stock valued at $1,735,000 after buying an additional 22,103 shares during the period. Empowered Funds LLC lifted its stake in shares of Innoviva by 125.2% in the first quarter. Empowered Funds LLC now owns 168,055 shares of the biotechnology company’s stock valued at $3,916,000 after buying an additional 93,424 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Innoviva by 7.4% in the first quarter. The Manufacturers Life Insurance Company now owns 31,971 shares of the biotechnology company’s stock valued at $745,000 after buying an additional 2,216 shares during the period. 99.12% of the stock is currently owned by institutional investors.

About Innoviva

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.