Innoviva initiated with an Outperform at Scotiabank

Scotiabank initiated coverage of Innoviva (INVA) with an Outperform rating and $55 price target Innoviva’s stock has been overlooked because its value proposition is not explicitly clear, but bolder moves to maximize shareholder value could be coming, including new launches, expanding the Innoviva Specialty Therapeutics platform, and monetizing non-core assets, the analyst tells investors in a research note. The stock also looks interesting in a tough capital markets environment because it is profitable and has historically been successful at consolidating undervalued assets, the firm argues.