Innoviva (NASDAQ:INVA) Sets New 52-Week High – Should You Buy?

Innoviva, Inc. (NASDAQ:INVA)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $22.96 and last traded at $22.87, with a volume of 352505 shares. The stock had previously closed at $22.48.

Wall Street Analysts Forecast Growth

Several analysts have commented on INVA shares. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. Zacks Research cut shares of Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Cantor Fitzgerald upped their price target on shares of Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. Finally, HC Wainwright boosted their price objective on Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.80.

Innoviva Stock Performance

The firm has a fifty day moving average of $20.18 and a 200 day moving average of $19.69. The company has a debt-to-equity ratio of 0.25, a current ratio of 14.12 and a quick ratio of 13.33. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 16.56 and a beta of 0.44.

Institutional Trading of Innoviva

A number of large investors have recently bought and sold shares of the business. Marshall Wace LLP grew its holdings in Innoviva by 870.3% during the second quarter. Marshall Wace LLP now owns 1,332,966 shares of the biotechnology company’s stock worth $26,779,000 after acquiring an additional 1,195,596 shares during the period. Vanguard Group Inc. increased its stake in Innoviva by 11.6% during the fourth quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock worth $158,263,000 after acquiring an additional 819,757 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Innoviva by 85.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,708,482 shares of the biotechnology company’s stock valued at $34,323,000 after buying an additional 786,409 shares during the period. Boston Partners boosted its position in Innoviva by 63.6% during the 3rd quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock worth $26,125,000 after purchasing an additional 556,517 shares during the period. Finally, Royce & Associates LP grew its stake in shares of Innoviva by 641.2% in the third quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock valued at $9,233,000 after buying an additional 437,654 shares in the last quarter. Institutional investors and hedge funds own 99.12% of the company’s stock.

Innoviva Company Profile

Innoviva, Inc, incorporated in Delaware and headquartered in San Francisco, California, is a royalty-focused life sciences company. It acquires, manages and monetizes royalty and license interests in biopharmaceutical products, with a primary emphasis on inhaled respiratory therapies. Innoviva’s portfolio is anchored by royalties on therapies originally developed by its former affiliate, now marketed by GlaxoSmithKline, including several long-acting inhaled products approved for chronic obstructive pulmonary disease (COPD) and asthma.

The company was established through a spin‐out transaction in 2014, separating the royalty assets from a research‐based biopharmaceutical enterprise to create a specialized investment vehicle.