Oppenheimer Has Lowered Expectations for Innoviva (NASDAQ:INVA) Stock Price

Innoviva (NASDAQ:INVA) had its price objective cut by investment analysts at Oppenheimer from $35.00 to $34.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the biotechnology company’s stock. Oppenheimer‘s target price indicates a potential upside of 78.01% from the company’s current price.

INVA has been the subject of a number of other research reports. Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Zacks Research upgraded Innoviva from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Weiss Ratings lowered Innoviva from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, September 24th. Finally, Cantor Fitzgerald lowered their price objective on Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Innoviva has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Innoviva Trading Down 0.7%

Shares of INVA traded down $0.14 during mid-day trading on Thursday, reaching $19.10. 1,654,268 shares of the company were exchanged, compared to its average volume of 637,310. The business has a 50 day simple moving average of $20.91 and a two-hundred day simple moving average of $21.87. The company has a debt-to-equity ratio of 0.21, a quick ratio of 15.18 and a current ratio of 16.01. The stock has a market capitalization of $1.38 billion, a PE ratio of 9.60, a PEG ratio of 3.03 and a beta of 0.38. Innoviva has a 52 week low of $19.00 and a 52 week high of $25.15.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, November 4th. The biotechnology company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($1.55). Innoviva had a net margin of 81.19% and a return on equity of 28.03%. The firm had revenue of $106.12 million for the quarter, compared to analyst estimates of $115.31 million. On average, analysts predict that Innoviva will post 2.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of INVA. William Blair Investment Management LLC raised its holdings in shares of Innoviva by 29.7% during the third quarter. William Blair Investment Management LLC now owns 832,881 shares of the biotechnology company’s stock valued at $17,665,000 after purchasing an additional 190,705 shares during the period. Money Concepts Capital Corp grew its stake in shares of Innoviva by 6.3% in the 3rd quarter. Money Concepts Capital Corp now owns 16,966 shares of the biotechnology company’s stock valued at $360,000 after buying an additional 1,007 shares during the period. Maryland State Retirement & Pension System grew its stake in shares of Innoviva by 57.2% in the 3rd quarter. Maryland State Retirement & Pension System now owns 16,132 shares of the biotechnology company’s stock valued at $342,000 after buying an additional 5,872 shares during the period. Illinois Municipal Retirement Fund grew its stake in shares of Innoviva by 2.3% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 35,453 shares of the biotechnology company’s stock valued at $752,000 after buying an additional 803 shares during the period. Finally, Fulcrum Asset Management LLP increased its position in Innoviva by 446.8% in the 3rd quarter. Fulcrum Asset Management LLP now owns 13,680 shares of the biotechnology company’s stock valued at $289,000 after buying an additional 11,178 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Company Profile

Innoviva, Inc is a healthcare company focused on developing, commercializing and managing medicines, with an emphasis on respiratory and hospital-based therapies. The company’s business model includes royalty interests in marketed products as well as ownership and investment in companies developing or commercializing innovative treatments.

Innoviva receives royalty revenue from respiratory medicines developed in collaboration with GlaxoSmithKline, including Trelegy Ellipta, Anoro Ellipta and Relvar/Breo Ellipta.