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

Innoviva (NASDAQ:INVA) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

Several other equities analysts also recently commented on the company. Oppenheimer initiated coverage on Innoviva in a research report on Monday, August 11th. They issued an “outperform” rating and a $45.00 price objective on the stock. Wall Street Zen raised shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Innoviva in a research note on Wednesday, October 8th. HC Wainwright boosted their price objective on shares of Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, August 11th. Finally, The Goldman Sachs Group assumed coverage on shares of Innoviva in a research note on Tuesday, September 30th. They issued a “sell” rating and a $17.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Innoviva currently has an average rating of “Hold” and a consensus target price of $38.60.

Innoviva Stock Performance

Shares of NASDAQ:INVA opened at $20.86 on Thursday. The company has a current ratio of 2.64, a quick ratio of 2.44 and a debt-to-equity ratio of 0.36. Innoviva has a 12 month low of $16.52 and a 12 month high of $22.00. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 67.29 and a beta of 0.42. The firm’s 50-day moving average is $18.63 and its 200 day moving average is $19.24.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, November 5th. The biotechnology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.62. The business had revenue of $107.80 million during the quarter, compared to the consensus estimate of $91.31 million. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. Research analysts predict that Innoviva will post 0.33 EPS for the current year.

Institutional Trading of Innoviva

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

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.