Innoviva (NASDAQ:INVA) Coverage Initiated at The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of Innoviva (NASDAQ:INVA) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage issued a sell rating and a $17.00 price target on the biotechnology company’s stock.

A number of other research analysts have also issued reports on the stock. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Sunday, September 21st. Cantor Fitzgerald assumed coverage on shares of Innoviva in a research note on Friday, July 11th. They set an “overweight” rating and a $26.00 price target on the stock. Oppenheimer assumed coverage on shares of Innoviva in a research note on Monday, August 11th. They set an “outperform” rating and a $45.00 price target on the stock. Finally, HC Wainwright upped their price target on shares of Innoviva from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, August 11th. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Innoviva currently has an average rating of “Moderate Buy” and a consensus target price of $37.60.

Innoviva Trading Down 2.8%

NASDAQ:INVA opened at $17.66 on Tuesday. Innoviva has a 52 week low of $16.67 and a 52 week high of $22.00. The firm has a 50 day moving average of $19.49 and a 200 day moving average of $19.20. The company has a quick ratio of 2.44, a current ratio of 2.64 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 56.97 and a beta of 0.40.

Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, August 6th. The biotechnology company reported $0.77 EPS for the quarter, beating 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 company had revenue of $100.28 million during the quarter, compared to analysts’ expectations of $87.10 million. As a group, sell-side analysts anticipate that Innoviva will post 0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in INVA. Millennium Management LLC raised its holdings in shares of Innoviva by 318.4% during the first quarter. Millennium Management LLC now owns 1,676,057 shares of the biotechnology company’s stock worth $30,387,000 after purchasing an additional 1,275,444 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Innoviva by 870.3% during the second quarter. Marshall Wace LLP now owns 1,332,966 shares of the biotechnology company’s stock worth $26,779,000 after purchasing an additional 1,195,596 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Innoviva by 85.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,708,482 shares of the biotechnology company’s stock worth $34,323,000 after purchasing an additional 786,409 shares during the last quarter. Nuveen LLC purchased a new position in shares of Innoviva during the first quarter worth $7,307,000. Finally, American Century Companies Inc. raised its holdings in shares of Innoviva by 23.3% during the second quarter. American Century Companies Inc. now owns 2,066,753 shares of the biotechnology company’s stock worth $41,521,000 after purchasing an additional 391,056 shares during the last quarter. Hedge funds and other institutional investors 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.