Innoviva, Inc. (NASDAQ:INVA) Receives Average Rating of “Hold” from Brokerages

Innoviva, Inc. (NASDAQ:INVA) has been given an average rating of “Hold” by the six ratings firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $34.75.

A number of brokerages recently commented on INVA. Weiss Ratings lowered Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald reduced their price objective on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. HC Wainwright restated a “buy” rating and issued a $46.00 price objective on shares of Innoviva in a report on Monday, June 1st. Zacks Research cut shares of Innoviva from a “hold” rating to a “strong sell” rating in a research report on Friday, July 31st. Finally, Wall Street Zen lowered shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st.

Innoviva Price Performance

Shares of INVA stock opened at $21.00 on Friday. The firm has a market cap of $1.52 billion, a P/E ratio of 5.12 and a beta of 0.35. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The business’s 50 day moving average price is $21.84 and its 200-day moving average price is $22.38. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01.

Institutional Trading of Innoviva

Several large investors have recently bought and sold shares of INVA. Royal Bank of Canada lifted its stake in shares of Innoviva by 81.1% in the 1st quarter. Royal Bank of Canada now owns 21,530 shares of the biotechnology company’s stock valued at $389,000 after purchasing an additional 9,639 shares during the period. AQR Capital Management LLC grew its stake in Innoviva by 17.8% in the first quarter. AQR Capital Management LLC now owns 167,456 shares of the biotechnology company’s stock worth $3,036,000 after purchasing an additional 25,317 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Innoviva by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,882 shares of the biotechnology company’s stock worth $596,000 after purchasing an additional 1,392 shares during the period. NewEdge Advisors LLC bought a new position in Innoviva in the first quarter worth $243,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Innoviva by 21.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 171,116 shares of the biotechnology company’s stock worth $3,102,000 after purchasing an additional 30,792 shares in the last quarter. 99.12% of the stock is 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.