Innoviva (NASDAQ:INVA) Stock Gets Price Target Cut from Oppenheimer

Innoviva (NASDAQ:INVA) had its target price dropped by analysts at Oppenheimer from $35.00 to $34.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Oppenheimer‘s price target suggests a potential upside of 69.32% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Cantor Fitzgerald dropped their price target on Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Weiss Ratings lowered Innoviva from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, September 24th. Wall Street Zen cut Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Zacks Research upgraded Innoviva from a “strong sell” rating to a “hold” rating in a report on Monday, August 31st. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Innoviva currently has a consensus rating of “Moderate Buy” and an average price target of $39.00.

Innoviva Trading Down 5.6%

Shares of INVA stock traded down $1.18 on Thursday, reaching $20.08. 562,033 shares of the stock were exchanged, compared to its average volume of 773,483. The company has a quick ratio of 15.18, a current ratio of 16.01 and a debt-to-equity ratio of 0.21. The stock has a market cap of $1.45 billion, a P/E ratio of 4.90, a price-to-earnings-growth ratio of 3.02 and a beta of 0.38. The firm has a 50 day moving average of $20.99 and a two-hundred day moving average of $21.87. Innoviva has a 1-year low of $18.85 and a 1-year high of $25.15.

Innoviva (NASDAQ:INVA) last issued 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 during the quarter, compared to analyst estimates of $115.31 million. On average, research analysts anticipate that Innoviva will post 2.31 EPS for the current year.

Hedge Funds Weigh In On Innoviva

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fortitude Family Office LLC purchased a new stake in Innoviva during the 3rd quarter worth $25,000. 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 valued at $27,000 after purchasing an additional 534 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Innoviva in the second quarter valued at about $30,000. Versant Capital Management Inc raised its position in Innoviva by 96.5% in the third quarter. Versant Capital Management Inc now owns 1,916 shares of the biotechnology company’s stock valued at $41,000 after purchasing an additional 941 shares during the period. Finally, Allworth Financial LP acquired a new position in shares of Innoviva during the second quarter worth about $42,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

About Innoviva

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.