Innoviva (NASDAQ:INVA) Shares Gap Up After Analyst Upgrade

Innoviva, Inc. (NASDAQ:INVA) shares gapped up before the market opened on Thursday after Cantor Fitzgerald raised their price target on the stock from $29.00 to $31.00. The stock had previously closed at $18.23, but opened at $19.85. Cantor Fitzgerald currently has an overweight rating on the stock. Innoviva shares last traded at $20.4450, with a volume of 406,434 shares.

Several other equities analysts also recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Innoviva in a research report on Wednesday, October 8th. HC Wainwright lifted their target price on Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, August 11th. Wall Street Zen raised Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. Zacks Research raised Innoviva from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group began coverage on Innoviva in a research note on Tuesday, September 30th. They set a “sell” rating and a $17.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.60.

Institutional Investors Weigh In On Innoviva

Large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its position in Innoviva by 2.6% in the first quarter. Principal Financial Group Inc. now owns 305,476 shares of the biotechnology company’s stock valued at $5,538,000 after purchasing an additional 7,700 shares during the period. GAMMA Investing LLC grew its stake in shares of Innoviva by 58.9% during the second quarter. GAMMA Investing LLC now owns 7,146 shares of the biotechnology company’s stock valued at $144,000 after acquiring an additional 2,648 shares in the last quarter. Ballentine Partners LLC acquired a new stake in shares of Innoviva during the second quarter valued at about $350,000. US Bancorp DE grew its stake in shares of Innoviva by 356.0% during the first quarter. US Bancorp DE now owns 12,753 shares of the biotechnology company’s stock valued at $231,000 after acquiring an additional 9,956 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its stake in shares of Innoviva by 210.5% during the second quarter. Allianz Asset Management GmbH now owns 82,282 shares of the biotechnology company’s stock valued at $1,653,000 after acquiring an additional 55,782 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Stock Up 12.0%

The firm has a 50 day moving average price of $18.61 and a two-hundred day moving average price of $19.21. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 65.72 and a beta of 0.40.

Innoviva (NASDAQ:INVA) last announced its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.20. The company had revenue of $100.28 million during the quarter, compared to the consensus estimate of $87.10 million. Innoviva had a return on equity of 18.67% and a net margin of 10.44%. As a group, sell-side analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current year.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.