Innoviva (NASDAQ:INVA) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Innoviva (NASDAQ:INVAFree Report) in a research note published on Tuesday morning, Marketbeat reports. The firm issued an overweight rating on the biotechnology company’s stock. Cantor Fitzgerald also issued estimates for Innoviva’s FY2024 earnings at $1.09 EPS.

Several other analysts have also recently weighed in on INVA. raised shares of Innoviva from a hold rating to a buy rating in a research note on Friday, March 29th. TheStreet upgraded shares of Innoviva from a c rating to a b- rating in a report on Thursday, February 29th.

View Our Latest Stock Analysis on Innoviva

Innoviva Stock Performance

NASDAQ:INVA opened at $15.90 on Tuesday. The company has a market cap of $992.80 million, a price-to-earnings ratio of 7.16 and a beta of 0.58. The firm’s 50-day moving average is $15.62 and its 200-day moving average is $15.61. Innoviva has a 52-week low of $12.22 and a 52-week high of $16.86. The company has a debt-to-equity ratio of 0.63, a quick ratio of 9.17 and a current ratio of 10.42.

Innoviva (NASDAQ:INVAGet Free Report) last posted its earnings results on Wednesday, May 8th. The biotechnology company reported $0.46 earnings per share for the quarter. The business had revenue of $77.50 million for the quarter. Innoviva had a net margin of 58.21% and a return on equity of 28.94%.

Institutional Investors Weigh In On Innoviva

Hedge funds have recently bought and sold shares of the company. Baader Bank Aktiengesellschaft acquired a new stake in Innoviva in the fourth quarter worth $257,000. Hillsdale Investment Management Inc. bought a new stake in shares of Innoviva during the fourth quarter worth $4,663,000. CWA Asset Management Group LLC bought a new stake in shares of Innoviva during the fourth quarter worth $4,070,000. PNC Financial Services Group Inc. increased its position in shares of Innoviva by 2.7% during the third quarter. PNC Financial Services Group Inc. now owns 46,109 shares of the biotechnology company’s stock worth $599,000 after acquiring an additional 1,234 shares in the last quarter. Finally, Gerber LLC bought a new position in Innoviva in the fourth quarter valued at $550,000. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Company Profile

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Innoviva, Inc engages in the development and commercialization of pharmaceutical products in the United States and internationally. The company's 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) and umeclidinium bromide (UMEC) with a LABA, VI; GIAPREZA (angiotensin II), a vasoconstrictor to increase blood pressure in adults with septic or other distributive shock; XERAVA (eravacycline) for the treatment of complicated intra-abdominal infections in adults; and XACDURO, a beta lactamase inhibitor for the treatment of hospital-acquired bacterial pneumonia and ventilator-associated bacterial pneumonia.

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