Scotiabank Begins Coverage of Innoviva with Positive Outlook

Fintel reports that on March 7, 2025, Scotiabank initiated coverage of Innoviva (NasdaqGS:INVA) with a Sector Outperform recommendation.

Analyst Price Forecast and Revenue Projections

As of March 4, 2025, the average one-year price target for Innoviva is $19.38 per share, with forecasts ranging from a low of $19.19 to a high of $19.95. This average price target indicates a potential increase of 9.86% from the most recent closing price of $17.64 per share.

The projected annual revenue for Innoviva is $318 million, reflecting a decrease of 11.35%. The anticipated annual non-GAAP EPS is set at 0.79.

Fund Sentiment Overview

Currently, 548 funds or institutions are reporting positions in Innoviva, an increase of 22 owners or 4.18% from the last quarter. The average portfolio weight of all funds allocated to INVA is now 0.20%, showing a rise of 7.08%. Nevertheless, total shares owned by these institutions fell by 1.35% in the past three months, totaling 93,727,000 shares. Notably, the put/call ratio for INVA stands at 0.05, indicating a bullish sentiment among investors.

Institutional Ownership Changes

Sarissa Capital Management maintains a significant position with 7,277,000 shares, which represents 11.61% ownership of the company, showing no change over the last quarter.

Additionally, PHSTX – Putnam Global Health Care Fund holds 5,248,000 shares, equating to 8.37% ownership. This reflects a decrease from 5,311,000 shares previously reported, constituting a reduction of 1.20%. Notably, the firm increased its portfolio allocation in INVA by 7.45% over the last quarter.

Franklin Resources owns 4,432,000 shares, or 7.07% of the company, down significantly from 6,745,000 shares—a decrease of 52.18%. This decline corresponds to a 90.29% decrease in their portfolio allocation over the past quarter.

Renaissance Technologies holds 4,262,000 shares, which is 6.80% ownership, down slightly from their prior holdings of 4,330,000 shares—representing a decrease of 1.60%. Recently, they also reduced their portfolio allocation in INVA by 12.95%.

Lastly, the IJR – iShares Core S&P Small-Cap ETF holds 3,570,000 shares, representing 5.70% ownership, up from their previous holding of 3,511,000 shares, indicating an increase of 1.64%, despite a 10.11% decline in their portfolio allocation over the last quarter.

Company Profile: Innoviva

(This description is provided by the company.)

Innoviva, Inc. is a health-focused asset management company that aims to engage in the development, commercialization, and financial management of biopharmaceuticals. The company operates primarily in the United States.

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This story originally appeared on Fintel.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.