Innoviva (NASDAQ:INVA) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Innoviva (NASDAQ:INVA) from a sell rating to a buy rating in a report released on Tuesday, Zacks.com reports. The brokerage currently has $13.00 price target 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. “

Several other research firms also recently weighed in on INVA. ValuEngine downgraded Innoviva from a sell rating to a strong sell rating in a report on Friday, July 26th. BidaskClub raised Innoviva from a strong sell rating to a sell rating in a research report on Saturday, August 31st. Finally, TheStreet lowered Innoviva from a b- rating to a c+ rating in a research report on Thursday, August 8th.

NASDAQ INVA opened at $10.97 on Tuesday. The stock has a 50 day moving average of $11.39 and a 200-day moving average of $13.36. Innoviva has a 12 month low of $10.76 and a 12 month high of $20.54. The company has a market cap of $1.15 billion, a PE ratio of 3.11 and a beta of 1.51. The company has a current ratio of 42.50, a quick ratio of 42.50 and a debt-to-equity ratio of 1.57.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings data on Wednesday, July 24th. The biotechnology company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.08). Innoviva had a return on equity of 307.49% and a net margin of 146.60%. The firm had revenue of $64.11 million for the quarter. As a group, sell-side analysts predict that Innoviva will post 1.59 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the stock. Quantamental Technologies LLC bought a new stake in Innoviva in the 2nd quarter valued at about $70,000. Valeo Financial Advisors LLC bought a new stake in Innoviva in the 2nd quarter valued at about $100,000. Bank of Montreal Can increased its position in Innoviva by 175.4% in the 2nd quarter. Bank of Montreal Can now owns 10,167 shares of the biotechnology company’s stock valued at $147,000 after buying an additional 6,475 shares in the last quarter. National Asset Management Inc. bought a new stake in Innoviva in the 1st quarter valued at about $152,000. Finally, Fox Run Management L.L.C. bought a new stake in Innoviva in the 2nd quarter valued at about $158,000. 75.60% of the stock is owned by institutional investors and hedge funds.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceuticals. The company has long-acting beta2 agonist (LABA) collaboration agreement with Glaxo Group Limited to develop and commercialize once-daily products for the treatment of chronic obstructive pulmonary disease and asthma. Its products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a long-acting beta2 agonist (LABA), vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate (FF); ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA and LABA.

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