Analysts Set Innoviva, Inc. (NASDAQ:INVA) Target Price at $36.20

Innoviva, Inc. (NASDAQ:INVA – Get Free Report) has earned an average rating of “Moderate Buy” from the seven research firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $36.20.

INVA has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a research report on Friday, March 27th. Wall Street Zen downgraded Innoviva from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, BTIG Research lifted their price objective on Innoviva from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, May 7th.

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Institutional Investors Weigh In On Innoviva

Hedge funds and other institutional investors have recently made changes to their positions in the business. Oliver Luxxe Assets LLC purchased a new stake in shares of Innoviva in the fourth quarter valued at $1,693,000. Allianz Asset Management GmbH grew its position in Innoviva by 139.2% during the third quarter. Allianz Asset Management GmbH now owns 196,831 shares of the biotechnology company’s stock valued at $3,592,000 after acquiring an additional 114,549 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Innoviva during the third quarter valued at about $607,000. Royce & Associates LP grew its position in Innoviva by 641.2% during the third quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock valued at $9,233,000 after acquiring an additional 437,654 shares during the period. Finally, Orion Porfolio Solutions LLC grew its position in Innoviva by 28.2% during the third quarter. Orion Porfolio Solutions LLC now owns 101,858 shares of the biotechnology company’s stock valued at $1,859,000 after acquiring an additional 22,412 shares during the period. Hedge funds and other institutional investors own 99.12% of the company’s stock.

Innoviva Stock Performance

NASDAQ INVA opened at $21.97 on Wednesday. Innoviva has a fifty-two week low of $16.52 and a fifty-two week high of $25.15. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of 3.66 and a beta of 0.38. The business has a fifty day moving average of $22.91 and a 200-day moving average of $21.53. The company has a quick ratio of 20.07, a current ratio of 21.13 and a debt-to-equity ratio of 0.19.

Innoviva (NASDAQ:INVA – Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. Innoviva had a return on equity of 33.33% and a net margin of 119.89%.The company had revenue of $97.99 million during the quarter, compared to analysts’ expectations of $101.57 million. As a group, analysts predict that Innoviva will post 1.96 earnings per share for the current fiscal year.

About Innoviva

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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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