Innoviva (INVA) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Innoviva (NASDAQ:INVA) from a hold rating to a buy rating in a report released on Wednesday morning. Zacks Investment Research currently has $18.00 price objective on the biotechnology company’s stock.
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 brokerages have also issued reports on INVA. BidaskClub lowered Innoviva from a hold rating to a sell rating in a research note on Thursday, July 26th. ValuEngine raised Innoviva from a sell rating to a hold rating in a research note on Wednesday, October 17th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $15.67.
Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, October 31st. The biotechnology company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). Innoviva had a negative return on equity of 110.01% and a net margin of 75.67%. The business had revenue of $61.70 million during the quarter, compared to analyst estimates of $64.00 million. During the same period in the previous year, the business posted $0.21 earnings per share. The firm’s quarterly revenue was up 27.0% on a year-over-year basis. On average, research analysts forecast that Innoviva will post 1.91 earnings per share for the current fiscal year.
In other Innoviva news, VP Theodore J. Jr. Witek sold 8,504 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $14.12, for a total value of $120,076.48. Following the sale, the vice president now directly owns 256,271 shares of the company’s stock, valued at approximately $3,618,546.52. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.60% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the business. Affinity Investment Advisors LLC boosted its stake in Innoviva by 20.7% in the 3rd quarter. Affinity Investment Advisors LLC now owns 38,737 shares of the biotechnology company’s stock worth $590,000 after buying an additional 6,651 shares during the last quarter. BlackRock Inc. boosted its stake in Innoviva by 2.6% in the 3rd quarter. BlackRock Inc. now owns 11,921,598 shares of the biotechnology company’s stock worth $181,684,000 after buying an additional 304,918 shares during the last quarter. Iridian Asset Management LLC CT boosted its stake in Innoviva by 31.3% in the 3rd quarter. Iridian Asset Management LLC CT now owns 53,167 shares of the biotechnology company’s stock worth $810,000 after buying an additional 12,689 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Innoviva by 3.9% in the 3rd quarter. Alliancebernstein L.P. now owns 272,192 shares of the biotechnology company’s stock worth $4,148,000 after buying an additional 10,180 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Innoviva by 179.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,026,320 shares of the biotechnology company’s stock worth $15,641,000 after buying an additional 659,372 shares during the last quarter. 72.44% of the stock is currently owned by hedge funds and other institutional investors.
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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