Innoviva (NASDAQ:INVA – Get Free Report)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They currently have a $46.00 price target on the biotechnology company’s stock. HC Wainwright’s price target suggests a potential upside of 114.75% from the stock’s previous close.
Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Innoviva in a research note on Friday, March 27th. Wall Street Zen cut shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, BTIG Research restated a “buy” rating and set a $42.00 price target on shares of Innoviva in a research note on Tuesday, May 26th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Innoviva currently has an average rating of “Moderate Buy” and a consensus price target of $36.20.
Read Our Latest Stock Analysis on INVA
Innoviva Price Performance
Innoviva (NASDAQ:INVA – Get Free Report) last released its earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. Innoviva had a net margin of 119.89% and a return on equity of 33.33%. The business had revenue of $97.99 million during the quarter, compared to analysts’ expectations of $101.57 million. On average, research analysts forecast that Innoviva will post 1.96 EPS for the current year.
Institutional Trading of Innoviva
Several hedge funds have recently modified their holdings of INVA. Vanguard Group Inc. increased its holdings in shares of Innoviva by 11.6% during the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock worth $158,263,000 after buying an additional 819,757 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Innoviva by 38.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after buying an additional 650,151 shares in the last quarter. Boston Partners increased its holdings in shares of Innoviva by 63.6% during the third quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock worth $26,125,000 after buying an additional 556,517 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Innoviva by 641.2% during the third quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock worth $9,233,000 after buying an additional 437,654 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Innoviva by 68.2% during the third quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company’s stock worth $18,679,000 after buying an additional 414,889 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.
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.
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