Robert W. Baird reiterated their neutral rating on shares of Innoviva, Inc. (NASDAQ:INVA) in a research report released on Thursday. Robert W. Baird currently has a $13.00 price target on the biotechnology company’s stock, up from their prior price target of $11.00.
Several other research firms also recently weighed in on INVA. Cowen and Company upped their price target on Innoviva from $15.00 to $16.00 and gave the stock an outperform rating in a research note on Thursday, March 30th. Zacks Investment Research downgraded Innoviva from a hold rating to a sell rating in a research note on Monday, July 3rd. Finally, ValuEngine downgraded Innoviva from a buy rating to a hold rating in a research note on Friday, June 2nd. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Innoviva has an average rating of Hold and an average target price of $14.25.
Innoviva (INVA) traded up 0.66% during trading on Thursday, hitting $13.77. 783,157 shares of the stock were exchanged. The company has a 50-day moving average price of $12.78 and a 200 day moving average price of $12.31. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 17.23 and a beta of 2.56. Innoviva has a 1-year low of $8.67 and a 1-year high of $14.55.
Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Wednesday, July 26th. The biotechnology company reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.02. Innoviva had a negative return on equity of 27.37% and a net margin of 52.56%. The business had revenue of $58.60 million during the quarter, compared to the consensus estimate of $50.53 million. During the same period in the prior year, the company posted $0.13 EPS. The firm’s revenue for the quarter was up 80.3% compared to the same quarter last year. Equities analysts predict that Innoviva will post $1.11 earnings per share for the current fiscal year.
In other Innoviva news, VP Theodore J. Jr. Witek sold 7,815 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $12.01, for a total value of $93,858.15. Following the completion of the transaction, the vice president now directly owns 251,968 shares in the company, valued at approximately $3,026,135.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Old Mutual Global Investors UK Ltd. increased its position in Innoviva by 160.6% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 183,998 shares of the biotechnology company’s stock valued at $2,544,000 after buying an additional 113,388 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Innoviva during the first quarter worth approximately $688,000. ARP Americas LLC purchased a new position in Innoviva during the first quarter worth approximately $173,000. Acadian Asset Management LLC purchased a new position in Innoviva during the first quarter worth approximately $2,061,000. Finally, Louisiana State Employees Retirement System increased its position in Innoviva by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 31,600 shares of the biotechnology company’s stock worth $437,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 74.62% of the company’s stock.
Innoviva Company Profile
Innoviva, Inc, formerly Theravance, Inc, is engaged in the development, commercialization and financial management of bio-pharmaceuticals. It focuses on the respiratory assets partnered with Glaxo Group Limited (GSK), including RELVAR/BREO ELLIPTA (fluticasone furoate (FF)/vilanterol (VI)) and ANORO ELLIPTA (umeclidinium bromide/vilanterol (UMEC/VI)).
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