Innoviva (NASDAQ:INVA) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of Innoviva (NASDAQ:INVA) from a buy rating to a hold rating in a research note released on Saturday.

Several other brokerages also recently commented on INVA. BTIG Research restated a “buy” rating and set a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $46.00 target price on shares of Innoviva in a report on Monday, June 1st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research note on Wednesday, June 24th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Innoviva has an average rating of “Moderate Buy” and a consensus price target of $36.20.

Innoviva Stock Down 1.2%

INVA stock opened at $20.97 on Friday. Innoviva has a 52 week low of $16.52 and a 52 week high of $25.15. The business has a 50-day simple moving average of $22.19 and a 200 day simple moving average of $22.24. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19. The company has a market cap of $1.55 billion, a PE ratio of 3.49 and a beta of 0.34.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.43 by $0.01. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. The firm had revenue of $97.99 million for the quarter, compared to analyst estimates of $101.57 million. Sell-side analysts anticipate that Innoviva will post 2.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Innoviva by 11.6% during the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock worth $158,263,000 after acquiring an additional 819,757 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Innoviva by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company’s stock valued at $103,366,000 after acquiring an additional 76,026 shares during the last quarter. State Street Corp raised its stake in shares of Innoviva by 9.4% during the fourth quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock valued at $55,908,000 after acquiring an additional 239,848 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Innoviva by 38.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after purchasing an additional 650,151 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Innoviva by 11.3% during the fourth quarter. Geode Capital Management LLC now owns 1,752,438 shares of the biotechnology company’s stock worth $35,038,000 after purchasing an additional 178,238 shares during the period. Institutional investors own 99.12% of the company’s stock.

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.