Innoviva (NASDAQ:INVA) Now Covered by Analysts at Oppenheimer

Stock analysts at Oppenheimer began coverage on shares of Innoviva (NASDAQ:INVA) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $45.00 price target on the biotechnology company’s stock. Oppenheimer’s price objective would indicate a potential upside of 123.99% from the company’s previous close.

A number of other analysts also recently commented on the stock. Cantor Fitzgerald initiated coverage on shares of Innoviva in a report on Friday, July 11th. They issued an “overweight” rating and a $26.00 target price on the stock. HC Wainwright assumed coverage on shares of Innoviva in a report on Monday, July 14th. They set a “buy” rating and a $40.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Innoviva from a “hold” rating to a “buy” rating in a report on Wednesday, April 30th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $42.75.

Innoviva Stock Up 2.2%

NASDAQ INVA opened at $20.09 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.64 and a quick ratio of 2.44. The company’s 50 day simple moving average is $19.85 and its 200 day simple moving average is $18.76. Innoviva has a 12 month low of $16.67 and a 12 month high of $22.00. The company has a market capitalization of $1.26 billion, a P/E ratio of 64.81 and a beta of 0.38.

Innoviva (NASDAQ:INVA) last released its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.20. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The business had revenue of $100.28 million for the quarter, compared to the consensus estimate of $87.10 million. Equities research analysts expect that Innoviva will post 0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innoviva

A number of large investors have recently made changes to their positions in INVA. Wells Fargo & Company MN raised its holdings in shares of Innoviva by 40.3% during the fourth quarter. Wells Fargo & Company MN now owns 37,022 shares of the biotechnology company’s stock valued at $642,000 after acquiring an additional 10,637 shares during the period. Sterling Capital Management LLC raised its holdings in shares of Innoviva by 6.8% during the fourth quarter. Sterling Capital Management LLC now owns 22,924 shares of the biotechnology company’s stock valued at $398,000 after acquiring an additional 1,452 shares during the period. Barclays PLC increased its stake in Innoviva by 9.8% in the 4th quarter. Barclays PLC now owns 110,479 shares of the biotechnology company’s stock valued at $1,917,000 after buying an additional 9,885 shares during the period. Marshall Wace LLP increased its stake in Innoviva by 130.9% in the 4th quarter. Marshall Wace LLP now owns 314,968 shares of the biotechnology company’s stock valued at $5,465,000 after buying an additional 178,583 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its stake in Innoviva by 18.7% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 69,794 shares of the biotechnology company’s stock valued at $1,211,000 after buying an additional 10,993 shares during the period. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Company Profile

Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company’s products include RELVAR/BREO ELLIPTA, a once-daily combination medicine consisting of a LABA, vilanterol (VI), an inhaled corticosteroid (ICS), and fluticasone furoate; ANORO ELLIPTA, a once-daily medicine combining a long-acting muscarinic antagonist (LAMA) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.