Innoviva (INVA) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research lowered shares of Innoviva (NASDAQ:INVA) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “Innoviva, Inc. is focused on the development, commercialization and financial management of bio-pharmaceuticals. The company’s portfolio of respiratory assets partnered with Glaxo Group Limited, including RELVAR(R)/BREO(R) ELLIPTA(R) and ANORO(R) ELLIPTA(R). Innoviva, Inc., formerly known as Theravance, Inc., is headquartered in South San Francisco, California. “
A number of other equities analysts have also recently issued reports on INVA. BidaskClub cut Innoviva from a strong-buy rating to a buy rating in a report on Wednesday, April 18th. Berenberg Bank began coverage on Innoviva in a report on Thursday, April 19th. They set a buy rating on the stock. Stifel Nicolaus restated a hold rating and set a $17.00 price target on shares of Innoviva in a report on Friday, February 9th. ValuEngine upgraded Innoviva from a hold rating to a buy rating in a report on Wednesday, March 7th. Finally, TheStreet upgraded Innoviva from a c+ rating to a b rating in a report on Friday, February 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $13.67.
Innoviva (NASDAQ:INVA) last released its earnings results on Thursday, April 26th. The biotechnology company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.23). The firm had revenue of $52.40 million for the quarter, compared to analyst estimates of $71.84 million. Innoviva had a net margin of 64.11% and a negative return on equity of 63.57%. The business’s revenue for the quarter was up 29.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 EPS. research analysts predict that Innoviva will post 2.25 EPS for the current year.
In other Innoviva news, VP George B. Abercrombie sold 8,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $16.51, for a total transaction of $132,080.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Eric Desparbes sold 5,378 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $16.52, for a total value of $88,844.56. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of INVA. Meadow Creek Investment Management LLC lifted its holdings in shares of Innoviva by 30.0% in the 4th quarter. Meadow Creek Investment Management LLC now owns 14,084 shares of the biotechnology company’s stock worth $200,000 after purchasing an additional 3,248 shares in the last quarter. Xact Kapitalforvaltning AB bought a new position in shares of Innoviva in the 4th quarter worth $201,000. Caxton Associates LP bought a new position in shares of Innoviva in the 4th quarter worth $256,000. Aperio Group LLC lifted its holdings in shares of Innoviva by 24.0% in the 4th quarter. Aperio Group LLC now owns 24,852 shares of the biotechnology company’s stock worth $353,000 after purchasing an additional 4,808 shares in the last quarter. Finally, Macquarie Group Ltd. lifted its holdings in shares of Innoviva by 149.0% in the 4th quarter. Macquarie Group Ltd. now owns 25,400 shares of the biotechnology company’s stock worth $360,000 after purchasing an additional 15,200 shares in the last quarter. Institutional investors own 75.28% of the company’s stock.
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).
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