Innoviva (NASDAQ:INVA) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Innoviva (NASDAQ:INVA) from a strong sell rating to a hold rating in a research report sent to investors on Monday,Zacks reports.

A number of other research analysts also recently issued reports on INVA. BTIG Research restated a “buy” rating and set a $42.00 price target on shares of Innoviva in a research note on Monday, June 22nd. Weiss Ratings cut Innoviva from a “buy (b)” rating to a “hold (c+)” rating in a research report on Tuesday, August 11th. Wall Street Zen cut Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Cantor Fitzgerald lowered their price objective on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $46.00 target price on shares of Innoviva in a research note on Monday, June 1st. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Innoviva currently has an average rating of “Hold” and a consensus target price of $34.75.

Innoviva Trading Up 1.5%

INVA opened at $21.08 on Monday. Innoviva has a one year low of $16.52 and a one year high of $25.15. The company has a market cap of $1.52 billion, a P/E ratio of 5.14 and a beta of 0.33. 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 business’s 50-day simple moving average is $21.57 and its 200-day simple moving average is $22.35.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC raised its position in Innoviva by 82.8% in the first 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 stake in shares of Innoviva in the 2nd quarter valued at $30,000. Allworth Financial LP acquired a new stake in Innoviva during the 2nd quarter worth $42,000. Mint Tower Capital Management B.V. acquired a new stake in Innoviva during the 2nd quarter worth approximately $47,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Innoviva by 297.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,795 shares in the last quarter. Institutional investors own 99.12% of the company’s stock.

About Innoviva

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.