Innoviva (INVA) Cut to “Hold” at BidaskClub

BidaskClub lowered shares of Innoviva (NASDAQ:INVA) from a buy rating to a hold rating in a report issued on Wednesday morning.

Other equities research analysts have also recently issued research reports about the company. Berenberg Bank started coverage on Innoviva in a research note on Thursday, April 19th. They set a buy rating for the company. Zacks Investment Research raised Innoviva from a hold rating to a buy rating and set a $18.00 target price for the company in a research note on Tuesday, April 17th. ValuEngine raised Innoviva from a hold rating to a buy rating in a research note on Wednesday, March 7th. Finally, Stifel Nicolaus cut their target price on Innoviva from $17.00 to $16.00 and set a hold rating for the company in a research note on Friday, April 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $13.67.

NASDAQ:INVA opened at $14.44 on Wednesday. Innoviva has a one year low of $11.47 and a one year high of $17.99. The company has a quick ratio of 27.89, a current ratio of 27.89 and a debt-to-equity ratio of -2.28. The company has a market capitalization of $1.48 billion, a P/E ratio of 12.34 and a beta of 2.11.

Innoviva (NASDAQ:INVA) last posted its earnings results on Thursday, April 26th. The biotechnology company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.23). The business had revenue of $52.40 million for the quarter, compared to analyst estimates of $71.84 million. Innoviva had a negative return on equity of 63.57% and a net margin of 64.11%. Innoviva’s revenue was up 29.4% compared to the same quarter last year. During the same period last year, the business earned $0.19 EPS. equities research analysts anticipate that Innoviva will post 2.18 earnings per share for the current year.

In other news, VP George B. Abercrombie sold 8,000 shares of Innoviva stock in a transaction on Monday, May 21st. The stock was sold at an average price of $14.40, for a total value of $115,200.00. Following the completion of the sale, the vice president now directly owns 305,235 shares of the company’s stock, valued at $4,395,384. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Eric Desparbes sold 5,808 shares of Innoviva stock in a transaction on Monday, May 21st. The shares were sold at an average price of $14.40, for a total value of $83,635.20. Following the completion of the sale, the chief financial officer now directly owns 376,965 shares of the company’s stock, valued at $5,428,296. The disclosure for this sale can be found here. 1.44% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of Innoviva in the first quarter valued at $113,000. Bayesian Capital Management LP acquired a new stake in shares of Innoviva in the first quarter valued at $197,000. Meadow Creek Investment Management LLC grew its stake in shares of Innoviva by 30.0% in the fourth quarter. Meadow Creek Investment Management LLC now owns 14,084 shares of the biotechnology company’s stock valued at $200,000 after buying an additional 3,248 shares in the last quarter. Highbridge Capital Management LLC acquired a new stake in shares of Innoviva in the first quarter valued at $236,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in shares of Innoviva in the fourth quarter valued at $201,000. 74.62% of the stock is owned by institutional investors and hedge funds.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of bio-pharmaceuticals. Its portfolio of respiratory products include RELVAR/BREO ELLIPTA, (fluticasone furoate/ vilanterol, FF/VI); ANORO ELLIPTA (umeclidinium bromide/ vilanterol, UMEC/VI); and TRELEGY ELLIPTA (the combination FF/UMEC/VI).

Analyst Recommendations for Innoviva (NASDAQ:INVA)

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