Innoviva, Inc. (NASDAQ:INVA) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Innoviva, Inc. (NASDAQ:INVA) have earned a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $34.75.

A number of equities analysts have recently issued reports on INVA shares. Cantor Fitzgerald reduced their price target on Innoviva from $36.00 to $34.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Zacks Research raised Innoviva from a “strong sell” rating to a “hold” rating in a research report on Monday, August 31st. BTIG Research restated a “buy” rating and set a $42.00 target price on shares of Innoviva in a research note on Monday, June 22nd. HC Wainwright reaffirmed a “buy” rating and set a $46.00 target price on shares of Innoviva in a research report on Monday, June 1st. Finally, Wall Street Zen cut Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st.

Innoviva Trading Up 1.2%

NASDAQ:INVA opened at $20.90 on Tuesday. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 5.10 and a beta of 0.33. Innoviva has a 52 week low of $16.52 and a 52 week high of $25.15. The company has a quick ratio of 15.18, a current ratio of 16.01 and a debt-to-equity ratio of 0.21. The firm has a 50 day moving average of $21.27 and a 200 day moving average of $22.22.

Hedge Funds Weigh In On Innoviva

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC boosted its stake in Innoviva by 82.8% in the 1st quarter. Parallel Advisors LLC now owns 1,179 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 534 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Innoviva during the 2nd quarter valued at approximately $30,000. Allworth Financial LP purchased a new position in shares of Innoviva in the second quarter worth $42,000. Mint Tower Capital Management B.V. purchased a new position in shares of Innoviva in the second quarter worth $47,000. Finally, Virtus Advisers LLC acquired a new stake in shares of Innoviva during the second quarter worth $162,000. 99.12% of the stock is owned by hedge funds and other institutional investors.

About Innoviva

Innoviva, Inc is a biopharmaceutical company focused on developing and commercializing healthcare products through strategic partnerships, royalty arrangements and investments in biotechnology businesses. The company’s portfolio has historically centered on respiratory medicines, with rights connected to products developed with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Breo Ellipta.

Innoviva generally operates as an asset-focused healthcare company rather than as a traditional commercial pharmaceutical manufacturer.