Innoviva initiated with a Buy at BTIG

BTIG initiated coverage of Innoviva (INVA) with a Buy rating and $35 price target Innoviva is positioned to capture more than $1.2B in royalties through 2030 from two COPD/asthma inhaled therapies while redeploying capital into growing hospital-focused infectious disease and critical care products, strategic investments, and shareholder returns, the analyst tells investors in a research note. With rapidly expanding internal revenues, majority stakes in companies like Armata and Syndeio, and an extended-release oral platform, the company has multiple catalysts that could drive meaningful upside in 2026, the firm says.