Innoviva (NASDAQ:INVA) Upgraded to “Buy” by Zacks Investment Research

Innoviva (NASDAQ:INVA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The brokerage presently has a $12.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.15% from the company’s previous close.

According to Zacks, “Innoviva, Inc. is focused on the development, commercialization and financial management of bio-pharmaceuticals. The company’s portfolio of respiratory assets partnered with Glaxo Group Limited, including RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) ELLIPTA(R). Innoviva, Inc., formerly known as Theravance, Inc., is headquartered in South San Francisco, California. “

Several other equities analysts have also recently issued reports on INVA. ValuEngine raised Innoviva from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. BidaskClub raised Innoviva from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 8th. Finally, TheStreet cut Innoviva from a “b-” rating to a “c+” rating in a research report on Thursday, August 8th.

Shares of INVA opened at $10.70 on Tuesday. The company has a quick ratio of 42.50, a current ratio of 42.50 and a debt-to-equity ratio of 1.57. The business’s 50 day moving average price is $10.96 and its 200-day moving average price is $12.91. Innoviva has a 52 week low of $10.03 and a 52 week high of $20.54. The stock has a market cap of $1.08 billion, a P/E ratio of 3.03 and a beta of 1.42.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, July 24th. The biotechnology company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.08). The business had revenue of $64.11 million during the quarter. Innoviva had a net margin of 146.60% and a return on equity of 307.49%. On average, equities analysts anticipate that Innoviva will post 1.71 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. CWM Advisors LLC lifted its position in Innoviva by 8.3% in the 2nd quarter. CWM Advisors LLC now owns 12,025 shares of the biotechnology company’s stock valued at $175,000 after acquiring an additional 925 shares in the last quarter. Regal Investment Advisors LLC lifted its position in Innoviva by 1.1% in the 2nd quarter. Regal Investment Advisors LLC now owns 125,844 shares of the biotechnology company’s stock valued at $1,832,000 after acquiring an additional 1,386 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in Innoviva by 5.4% in the 2nd quarter. Tokio Marine Asset Management Co. Ltd. now owns 29,400 shares of the biotechnology company’s stock valued at $428,000 after acquiring an additional 1,500 shares in the last quarter. United Services Automobile Association lifted its position in Innoviva by 8.2% in the 2nd quarter. United Services Automobile Association now owns 19,841 shares of the biotechnology company’s stock valued at $289,000 after acquiring an additional 1,506 shares in the last quarter. Finally, Swiss National Bank lifted its position in Innoviva by 2.2% in the 2nd quarter. Swiss National Bank now owns 131,700 shares of the biotechnology company’s stock valued at $1,918,000 after acquiring an additional 2,800 shares in the last quarter. 75.65% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceuticals. The company has long-acting beta2 agonist (LABA) collaboration agreement with Glaxo Group Limited to develop and commercialize once-daily products for the treatment of chronic obstructive pulmonary disease and asthma. Its products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a long-acting beta2 agonist (LABA), vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate (FF); ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA and LABA.

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