Zacks Investment Research lowered shares of Innoviva (NASDAQ:INVA) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.
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. “
A number of other research analysts have also recently commented on INVA. Cowen set a $16.00 target price on shares of Innoviva and gave the stock a buy rating in a report on Monday, October 23rd. Robert W. Baird reissued a hold rating and issued a $13.00 target price on shares of Innoviva in a report on Tuesday, October 24th. Deutsche Bank started coverage on shares of Innoviva in a report on Monday, November 20th. They issued a hold rating and a $13.00 target price for the company. BidaskClub raised shares of Innoviva from a hold rating to a buy rating in a report on Thursday, December 21st. Finally, Stifel Nicolaus reissued a hold rating and issued a $17.00 target price on shares of Innoviva in a report on Friday, February 9th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $13.83.
Innoviva (NASDAQ:INVA) last posted its earnings results on Thursday, February 8th. The biotechnology company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. The firm had revenue of $69.52 million during the quarter, compared to analysts’ expectations of $67.41 million. Innoviva had a net margin of 61.76% and a negative return on equity of 48.93%. The business’s revenue for the quarter was up 59.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 earnings per share. equities research analysts forecast that Innoviva will post 1.98 EPS for the current fiscal year.
In related news, insider Michael W. Aguiar sold 12,022 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $13.13, for a total value of $157,848.86. Following the completion of the transaction, the insider now owns 980,907 shares in the company, valued at approximately $12,879,308.91. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.60% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Sei Investments Co. raised its holdings in Innoviva by 33,810.3% in the 3rd quarter. Sei Investments Co. now owns 9,834 shares of the biotechnology company’s stock valued at $138,000 after buying an additional 9,805 shares during the last quarter. Macquarie Group Ltd. bought a new position in Innoviva in the 3rd quarter valued at approximately $144,000. Jane Street Group LLC bought a new position in Innoviva in the 3rd quarter valued at approximately $144,000. Cubist Systematic Strategies LLC raised its holdings in Innoviva by 37.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 13,005 shares of the biotechnology company’s stock valued at $166,000 after buying an additional 3,569 shares during the last quarter. Finally, Magnetar Financial LLC bought a new position in Innoviva in the 3rd quarter valued at approximately $182,000. Institutional investors and hedge funds own 72.39% of the company’s stock.
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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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