Zacks Research Upgrades Innoviva (NASDAQ:INVA) to “Hold”

Innoviva (NASDAQ:INVA) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday, Zacks reports.

A number of other research analysts also recently commented on INVA. BTIG Research reiterated a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a report on Monday, June 22nd. Weiss Ratings cut Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Wall Street Zen downgraded Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Cantor Fitzgerald dropped their price target on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Finally, HC Wainwright reissued a “buy” rating and set a $46.00 price objective on shares of Innoviva in a report on Monday, June 1st. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.75.

Innoviva Stock Performance

NASDAQ:INVA opened at $21.08 on Monday. Innoviva has a 12 month low of $16.52 and a 12 month high of $25.15. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18. The firm has a market capitalization of $1.52 billion, a PE ratio of 5.14 and a beta of 0.33. The business’s fifty day moving average price is $21.57 and its 200 day moving average price is $22.35.

Institutional Trading of Innoviva

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Chase Investment Counsel Corp acquired a new stake in shares of Innoviva in the 2nd quarter valued at about $1,589,000. Bank of America Corp DE grew its stake in Innoviva by 6.6% during the 1st quarter. Bank of America Corp DE now owns 1,619,994 shares of the biotechnology company’s stock worth $37,746,000 after buying an additional 100,791 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Innoviva by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 4,436,427 shares of the biotechnology company’s stock worth $103,366,000 after buying an additional 76,026 shares during the period. Hsbc Holdings PLC acquired a new position in Innoviva during the fourth quarter worth approximately $6,428,000. Finally, Principal Financial Group Inc. lifted its stake in Innoviva by 23.5% in the first quarter. Principal Financial Group Inc. now owns 418,731 shares of the biotechnology company’s stock valued at $9,756,000 after buying an additional 79,625 shares during the last quarter. Institutional investors and hedge funds 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.