Innoviva (NASDAQ:INVA) Hits New 1-Year High – Here’s Why

Shares of Innoviva, Inc. (NASDAQ:INVA) hit a new 52-week high on Wednesday . The company traded as high as $22.10 and last traded at $22.0250, with a volume of 104954 shares changing hands. The stock had previously closed at $21.90.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on INVA. Cantor Fitzgerald boosted their price objective on Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Thursday, November 6th. Zacks Research cut shares of Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. The Goldman Sachs Group started coverage on Innoviva in a report on Tuesday, September 30th. They set a “sell” rating and a $17.00 target price on the stock. Weiss Ratings raised Innoviva from a “hold (c)” rating to a “buy (b-)” rating in a research report on Friday. Finally, Wall Street Zen upgraded Innoviva from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 25th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Innoviva presently has a consensus rating of “Moderate Buy” and an average price target of $38.60.

Innoviva Stock Performance

The company has a market cap of $1.40 billion, a PE ratio of 71.66 and a beta of 0.42. The stock’s 50-day simple moving average is $18.66 and its 200 day simple moving average is $19.29. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.44 and a current ratio of 2.64.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.46 by $0.62. Innoviva had a net margin of 10.44% and a return on equity of 18.67%. The firm had revenue of $107.80 million during the quarter, compared to analyst estimates of $91.31 million. As a group, equities analysts anticipate that Innoviva, Inc. will post 0.33 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Sierra Summit Advisors LLC acquired a new stake in shares of Innoviva in the 3rd quarter valued at $774,000. Rafferty Asset Management LLC acquired a new stake in Innoviva during the 3rd quarter valued at approximately $189,000. American Century Companies Inc. boosted its position in Innoviva by 13.8% during the third quarter. American Century Companies Inc. now owns 2,351,006 shares of the biotechnology company’s stock valued at $42,906,000 after acquiring an additional 284,253 shares during the last quarter. Hohimer Wealth Management LLC bought a new stake in shares of Innoviva in the 3rd quarter valued at $216,000. Finally, AXQ Capital LP bought a new stake in Innoviva in the 3rd quarter valued at about $201,000. Institutional investors and hedge funds own 99.12% of the company’s stock.

About Innoviva

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.