Innoviva (NASDAQ:INVA – Free Report) had its target price decreased by Cantor Fitzgerald from $36.00 to $34.00 in a research report released on Friday, MarketBeat Ratings reports. Cantor Fitzgerald currently has an overweight rating on the biotechnology company’s stock.
INVA has been the topic of a number of other research reports. Zacks Research lowered Innoviva from a “hold” rating to a “strong sell” rating in a research note on Friday, July 31st. BTIG Research restated a “buy” rating and issued a $42.00 price objective on shares of Innoviva in a research report on Monday, June 22nd. HC Wainwright reaffirmed a “buy” rating and set a $46.00 price objective on shares of Innoviva in a research note on Monday, June 1st. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research note on Wednesday, June 24th. Finally, Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Five investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $36.80.
Get Our Latest Analysis on INVA
Innoviva Trading Down 2.8%
Innoviva (NASDAQ:INVA – Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.43 by $0.01. Innoviva had a net margin of 81.19% and a return on equity of 28.03%. The business had revenue of $97.99 million for the quarter, compared to analyst estimates of $101.57 million. On average, analysts forecast that Innoviva will post 2.2 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Innoviva
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Innoviva in the second quarter valued at $77,562,000. Deutsche Bank AG acquired a new stake in Innoviva in the 2nd quarter worth about $697,000. Chase Investment Counsel Corp acquired a new stake in Innoviva in the 2nd quarter worth about $1,589,000. Bank of New York Mellon Corp purchased a new stake in Innoviva in the second quarter valued at approximately $2,053,000. Finally, State of Wyoming acquired a new stake in shares of Innoviva during the 2nd quarter worth $209,000. Hedge funds and other institutional investors own 99.12% of the company’s stock.
Innoviva Company Profile
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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