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

Zacks Investment Research upgraded shares of Innoviva (NASDAQ:INVA) from a hold rating to a buy rating in a report released on Tuesday morning, Zacks.com reports. The firm currently has $12.00 price objective 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 brokerages also recently weighed in on INVA. ValuEngine raised Innoviva from a strong sell rating to a sell rating in a research note on Wednesday, October 2nd. TheStreet downgraded Innoviva from a b- rating to a c+ rating in a research note on Thursday, August 8th. Finally, BidaskClub raised Innoviva from a strong sell rating to a sell rating in a research note on Tuesday, October 8th.

Innoviva stock traded down $0.13 during mid-day trading on Tuesday, hitting $10.80. The company had a trading volume of 6,981 shares, compared to its average volume of 762,153. 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 has a 12-month low of $10.03 and a 12-month high of $20.54. The company’s fifty day moving average is $10.95 and its 200-day moving average is $12.87. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of 3.06 and a beta of 1.42.

Innoviva (NASDAQ:INVA) last released its quarterly earnings data on Wednesday, July 24th. The biotechnology company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by ($0.08). The company had revenue of $64.11 million during the quarter. Innoviva had a return on equity of 307.49% and a net margin of 146.60%. As a group, sell-side analysts expect that Innoviva will post 1.71 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in shares of Innoviva by 555.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 174,000 shares of the biotechnology company’s stock worth $2,477,000 after buying an additional 147,463 shares during the period. Renaissance Technologies LLC raised its stake in Innoviva by 9.4% in the 2nd quarter. Renaissance Technologies LLC now owns 7,049,608 shares of the biotechnology company’s stock valued at $102,642,000 after purchasing an additional 604,320 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in Innoviva by 5.4% in the 2nd quarter. Tokio Marine Asset Management Co. Ltd. now owns 29,400 shares of the biotechnology company’s stock valued at $428,000 after purchasing an additional 1,500 shares during the last quarter. Stevens Capital Management LP acquired a new position in Innoviva in the 2nd quarter valued at $279,000. Finally, Macquarie Group Ltd. acquired a new position in Innoviva in the 2nd quarter valued at $756,000. 75.65% 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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