Zacks Investment Research cut shares of Innoviva Inc. (NASDAQ:INVA) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning. The brokerage currently has $13.00 price objective on the 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. “
Other equities analysts also recently issued reports about the stock. TheStreet raised shares of Innoviva from a sell rating to a hold rating in a report on Thursday, July 28th. Robert W. Baird reaffirmed a neutral rating and set a $11.00 price objective (up from $9.00) on shares of Innoviva in a report on Sunday, July 31st. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $10.75.
Shares of Innoviva (NASDAQ:INVA) opened at 10.97 on Wednesday. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 66.48 and a beta of 1.98. Innoviva has a 1-year low of $7.56 and a 1-year high of $14.15. The company’s 50-day moving average is $11.39 and its 200 day moving average is $11.77.
Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.06. The company earned $32.47 million during the quarter, compared to the consensus estimate of $31.13 million. Innoviva had a net margin of 20.15% and a negative return on equity of 7.39%. The firm’s revenue for the quarter was up 204.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) EPS. On average, analysts expect that Innoviva will post $0.63 EPS for the current fiscal year.
In related news, CFO Eric Desparbes sold 3,700 shares of Innoviva stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $11.77, for a total transaction of $43,549.00. Following the completion of the transaction, the chief financial officer now directly owns 239,893 shares of the company’s stock, valued at approximately $2,823,540.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.60% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. BlackRock Fund Advisors purchased a new position in shares of Innoviva during the first quarter valued at about $53,259,000. BlackRock Institutional Trust Company N.A. purchased a new position in shares of Innoviva during the first quarter valued at about $26,997,000. Nomura Holdings Inc. increased its position in shares of Innoviva by 661.7% in the second quarter. Nomura Holdings Inc. now owns 774,279 shares of the company’s stock valued at $8,273,000 after buying an additional 672,631 shares in the last quarter. American Century Companies Inc. purchased a new position in shares of Innoviva during the second quarter valued at about $4,332,000. Finally, TIAA CREF Investment Management LLC purchased a new position in shares of Innoviva during the first quarter valued at about $3,391,000. 81.20% of the stock is owned by hedge funds and other institutional investors.
Innoviva, Inc, formerly Theravance, Inc, focuses on bringing new medicines to patients in areas of unmet need. The Company is engaged in the development, commercialization and financial management of bio-pharmaceuticals. Its portfolio focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate/vilanterol (FF/VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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