Innoviva (NASDAQ:INVA) Price Target Cut to $13.00 by Analysts at Morgan Stanley

Innoviva (NASDAQ:INVA – Get Rating) had its target price lowered by Morgan Stanley from $14.00 to $13.00 in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has an underweight rating on the biotechnology company’s stock.

A number of other analysts have also recently issued reports on the company. StockNews.com initiated coverage on Innoviva in a research report on Wednesday, October 12th. They issued a buy rating for the company. TheStreet raised Innoviva from a c rating to a b- rating in a research report on Thursday, November 10th.

Innoviva Stock Performance

Shares of NASDAQ INVA opened at $12.43 on Tuesday. The stock has a 50 day moving average price of $13.17 and a 200 day moving average price of $13.35. Innoviva has a 52 week low of $11.56 and a 52 week high of $20.71. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.34 and a current ratio of 2.77. The stock has a market capitalization of $867.40 million, a PE ratio of 3.90 and a beta of 0.55.

Innoviva (NASDAQ:INVA – Get Rating) last released its quarterly earnings data on Wednesday, November 9th. The biotechnology company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.75 by ($2.15). Innoviva had a net margin of 78.39% and a return on equity of 23.89%. The business had revenue of $67.26 million during the quarter, compared to analyst estimates of $361.45 million. Analysts predict that Innoviva will post 3.47 earnings per share for the current fiscal year.

Institutional Trading of Innoviva

Hedge funds have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its holdings in Innoviva by 2,417.4% during the 3rd quarter. Quadrant Capital Group LLC now owns 2,165 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 2,079 shares during the last quarter. Captrust Financial Advisors lifted its holdings in Innoviva by 362.2% during the 1st quarter. Captrust Financial Advisors now owns 2,699 shares of the biotechnology company’s stock worth $52,000 after purchasing an additional 2,115 shares during the last quarter. Wipfli Financial Advisors LLC acquired a new stake in Innoviva during the 3rd quarter worth approximately $34,000. Gladius Capital Management LP acquired a new stake in Innoviva during the 2nd quarter worth approximately $44,000. Finally, Point72 Hong Kong Ltd acquired a new stake in Innoviva during the 1st quarter worth approximately $76,000.

Innoviva Company Profile

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Innoviva, Inc engages in the development and commercialization of pharmaceuticals in the United States and internationally. Its 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), umeclidinium bromide (UMEC), with a LABA, and VI; and TRELEGY ELLIPTA, a once-daily combination medicine consisting of an ICS, LAMA, and LABA.