Innoviva (NASDAQ:INVA) Raised to “Strong-Buy” at BTIG Research

Innoviva (NASDAQ:INVA) was upgraded by stock analysts at BTIG Research to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts have also recently commented on the stock. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. Cantor Fitzgerald increased their target price on Innoviva from $29.00 to $31.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Zacks Research lowered Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. HC Wainwright increased their price objective on Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, December 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $38.17.

Innoviva Stock Performance

NASDAQ INVA opened at $23.85 on Tuesday. Innoviva has a 52-week low of $16.52 and a 52-week high of $23.91. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 17.41 and a beta of 0.44. The company’s fifty day moving average is $20.35 and its two-hundred day moving average is $19.83. The company has a debt-to-equity ratio of 0.25, a current ratio of 14.12 and a quick ratio of 13.33.

Hedge Funds Weigh In On Innoviva

Institutional investors have recently modified their holdings of the stock. Elevation Point Wealth Partners LLC acquired a new position in shares of Innoviva during the second quarter worth approximately $43,000. EverSource Wealth Advisors LLC lifted its holdings in Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,795 shares in the last quarter. Danske Bank A S bought a new position in Innoviva in the 3rd quarter valued at $55,000. Asset Management One Co. Ltd. bought a new position in Innoviva in the 3rd quarter valued at $60,000. Finally, Toth Financial Advisory Corp bought a new stake in shares of Innoviva during the third quarter worth $63,000. 99.12% of the stock is owned by institutional investors.

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.