Innoviva (NASDAQ:INVA) Now Covered by Analysts at BTIG Research

BTIG Research started coverage on shares of Innoviva (NASDAQ:INVA) in a report released on Tuesday morning, Marketbeat reports. The brokerage issued a buy rating and a $35.00 price target on the biotechnology company’s stock.

Other research analysts have also recently issued reports about the stock. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. HC Wainwright upped their target price on Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Wall Street Zen raised Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 25th. Cantor Fitzgerald raised their target price on Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Finally, Zacks Research lowered shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $38.17.

Innoviva Stock Up 5.1%

Shares of NASDAQ:INVA opened at $23.85 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 13.33 and a current ratio of 14.12. Innoviva has a 52-week low of $16.52 and a 52-week high of $23.91. The business’s 50 day simple moving average is $20.35 and its two-hundred day simple moving average is $19.83. The firm has a market cap of $1.78 billion, a P/E ratio of 17.41 and a beta of 0.44.

Institutional Investors Weigh In On Innoviva

Several institutional investors and hedge funds have recently modified their holdings of INVA. Creative Planning lifted its holdings in shares of Innoviva by 0.8% during the third quarter. Creative Planning now owns 61,365 shares of the biotechnology company’s stock valued at $1,120,000 after purchasing an additional 461 shares in the last quarter. Bailard Inc. raised its position in Innoviva by 4.7% in the 4th quarter. Bailard Inc. now owns 10,933 shares of the biotechnology company’s stock worth $219,000 after buying an additional 492 shares during the last quarter. Verition Fund Management LLC lifted its stake in Innoviva by 0.3% during the 3rd quarter. Verition Fund Management LLC now owns 175,855 shares of the biotechnology company’s stock valued at $3,209,000 after acquiring an additional 527 shares during the period. Bank of Montreal Can boosted its holdings in shares of Innoviva by 3.8% during the 4th quarter. Bank of Montreal Can now owns 14,742 shares of the biotechnology company’s stock valued at $295,000 after acquiring an additional 540 shares during the last quarter. Finally, Vise Technologies Inc. grew its stake in shares of Innoviva by 6.1% in the third quarter. Vise Technologies Inc. now owns 12,581 shares of the biotechnology company’s stock worth $230,000 after acquiring an additional 724 shares during the period. 99.12% of the stock is owned by hedge funds and other institutional investors.

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.