BTIG Research Issues Positive Forecast for Innoviva (NASDAQ:INVA) Stock Price

Innoviva (NASDAQ:INVA) had its target price lifted by research analysts at BTIG Research from $35.00 to $42.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. BTIG Research’s price target would suggest a potential upside of 86.50% from the stock’s current price.

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a report on Friday, March 27th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.20.

Innoviva Stock Performance

INVA opened at $22.52 on Thursday. Innoviva has a 12-month low of $16.52 and a 12-month high of $25.15. The company has a current ratio of 14.64, a quick ratio of 13.85 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $1.67 billion, a PE ratio of 7.38 and a beta of 0.38. The firm has a 50 day moving average of $22.98 and a two-hundred day moving average of $21.29.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, February 25th. The biotechnology company reported $1.94 EPS for the quarter, beating the consensus estimate of $0.34 by $1.60. The business had revenue of $114.61 million for the quarter, compared to the consensus estimate of $102.62 million. Innoviva had a net margin of 65.92% and a return on equity of 37.63%. On average, analysts anticipate that Innoviva will post 1.99 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Innoviva by 11.6% in the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after purchasing an additional 819,757 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Innoviva by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,360,401 shares of the biotechnology company’s stock worth $87,164,000 after buying an additional 30,048 shares during the last quarter. State Street Corp grew its holdings in Innoviva by 9.4% in the 4th quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock valued at $55,908,000 after buying an additional 239,848 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Innoviva by 38.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after acquiring an additional 650,151 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Innoviva by 13.8% in the 3rd quarter. American Century Companies Inc. now owns 2,351,006 shares of the biotechnology company’s stock worth $42,906,000 after acquiring an additional 284,253 shares during the last quarter. 99.12% of the stock is owned by hedge funds and other 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.