sutthirat sutthisumdang Cantor initiated coverage of Innoviva ( NASDAQ: INVA ) with an overweight rating, citing its diversified business model. Cantor said it sees the company’s royalty stream from GSK respiratory products generating $1B+ over the next five years and its Innoviva Specialty Therapeutics, or IST, business achieving $1B+ in sales by 2033. Innoviva also has a portfolio of strategic investments in healthcare assets worth more than $600M.
The investment firm also noted that Innoviva had $178.4M in cash and equivalents as of March 31, which offers it “significant flexibility to grow its business.” “We would not be surprised if the company considers a roll-up of another underappreciated industry like it did with IST,” the bank added.
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