Zacks Investment Research lowered shares of Innoviva Inc. (NASDAQ:INVA) from a buy rating to a hold rating in a research report sent to investors on Wednesday. They currently have $13.00 target price on the stock.
According to Zacks, “Innoviva, Inc. is focused on the development, commercialization and financial management of bio-pharmaceuticals. The company’s portfolio of respiratory assets partnered with Glaxo Group Limited, including RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) ELLIPTA(R). Innoviva, Inc., formerly known as Theravance, Inc., is headquartered in South San Francisco, California. “
Several other research analysts have also recently commented on the company. Robert W. Baird reaffirmed a neutral rating and issued a $11.00 target price (up from $9.00) on shares of Innoviva in a research report on Sunday, July 31st. TheStreet raised Innoviva from a sell rating to a hold rating in a research report on Thursday, July 28th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $10.75.
Shares of Innoviva (NASDAQ:INVA) opened at 10.99 on Wednesday. The firm’s 50-day moving average is $11.43 and its 200 day moving average is $11.76. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 66.61 and a beta of 1.98. Innoviva has a 1-year low of $7.56 and a 1-year high of $14.15.
Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.06. Innoviva had a negative return on equity of 7.39% and a net margin of 20.15%. The company earned $32.47 million during the quarter, compared to analysts’ expectations of $31.13 million. During the same period in the prior year, the business earned ($0.07) earnings per share. Innoviva’s revenue for the quarter was up 204.6% compared to the same quarter last year. Equities analysts expect that Innoviva will post $0.63 EPS for the current fiscal year.
In other Innoviva news, CFO Eric Desparbes sold 3,700 shares of Innoviva stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $11.77, for a total transaction of $43,549.00. Following the completion of the transaction, the chief financial officer now directly owns 239,893 shares of the company’s stock, valued at $2,823,540.61. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.60% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of INVA. BlackRock Fund Advisors acquired a new stake in shares of Innoviva during the first quarter worth $53,259,000. BlackRock Institutional Trust Company N.A. acquired a new stake in shares of Innoviva during the first quarter worth $26,997,000. Nomura Holdings Inc. raised its stake in shares of Innoviva by 661.7% in the second quarter. Nomura Holdings Inc. now owns 774,279 shares of the company’s stock worth $8,273,000 after buying an additional 672,631 shares during the period. American Century Companies Inc. acquired a new stake in shares of Innoviva during the second quarter worth $4,332,000. Finally, TIAA CREF Investment Management LLC acquired a new stake in shares of Innoviva during the first quarter worth $3,391,000. 81.20% of the stock is owned by institutional investors.
Innoviva Company Profile
Innoviva, Inc, formerly Theravance, Inc, focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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