Innoviva, Inc. (NASDAQ:INVA) Receives Average Rating of “Moderate Buy” from Analysts

Innoviva, Inc. (NASDAQ:INVA) has been assigned an average rating of “Moderate Buy” from the six research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $34.75.

INVA has been the subject of a number of recent analyst reports. Zacks Research raised shares of Innoviva from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. BTIG Research restated a “buy” rating and set a $42.00 price target on shares of Innoviva in a report on Monday, June 22nd. Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Cantor Fitzgerald reduced 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. Finally, Weiss Ratings upgraded Innoviva from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, September 9th.

Hedge Funds Weigh In On Innoviva

Several institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC increased its stake in shares of 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 during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Innoviva in the second quarter valued at $30,000. Allworth Financial LP acquired a new position in shares of Innoviva in the second quarter valued at $42,000. Mint Tower Capital Management B.V. bought a new position in Innoviva in the second quarter worth $47,000. Finally, Virtus Advisers LLC bought a new position in Innoviva in the second quarter worth $162,000. 99.12% of the stock is currently owned by institutional investors.

Innoviva Price Performance

Shares of NASDAQ:INVA opened at $21.14 on Tuesday. The stock’s 50 day moving average price is $21.18 and its 200 day moving average price is $22.16. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 5.16 and a beta of 0.33. Innoviva has a 12 month low of $16.52 and a 12 month high of $25.15. The company has a debt-to-equity ratio of 0.21, a current ratio of 16.01 and a quick ratio of 15.18.

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.