Innoviva (NASDAQ:INVA) Sets New 52-Week Low – Here’s Why

Innoviva, Inc. (NASDAQ:INVA)’s share price reached a new 52-week low during trading on Monday. The stock traded as low as $19.00 and last traded at $19.1710, with a volume of 1,059 shares trading hands. The stock had previously closed at $19.10.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Weiss Ratings raised shares of Innoviva from a “hold (c+)” rating to a “buy (b)” rating in a research report on Monday. Cantor Fitzgerald decreased their price target on shares of Innoviva from $36.00 to $34.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Wall Street Zen downgraded shares of Innoviva from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Zacks Research raised shares of Innoviva from a “strong sell” rating to a “hold” rating in a research note on Monday, August 31st. Finally, Oppenheimer decreased their target price on shares of Innoviva from $35.00 to $34.00 and set an “outperform” rating for the company in a research report on Thursday, November 5th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $39.00.

Innoviva Stock Up 0.4%

The stock’s fifty day moving average is $20.84 and its two-hundred day moving average is $21.86. The company has a current ratio of 15.44, a quick ratio of 14.58 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.38 billion, a PE ratio of 9.59, a P/E/G ratio of 4.15 and a beta of 0.38.

Innoviva (NASDAQ:INVA) last posted its quarterly earnings results on Wednesday, November 4th. The biotechnology company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($1.55). Innoviva had a return on equity of 22.91% and a net margin of 44.13%. The company had revenue of $106.12 million during the quarter, compared to the consensus estimate of $115.31 million. As a group, analysts predict that Innoviva, Inc. will post 1.52 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of INVA. BlackRock Inc. purchased a new position in Innoviva during the 2nd quarter valued at about $77,562,000. Bank of America Corp DE bought a new stake in Innoviva in the second quarter worth $37,873,000. Deutsche Bank AG bought a new stake in shares of Innoviva in the 2nd quarter valued at about $20,847,000. William Blair Investment Management LLC purchased a new stake in shares of Innoviva during the second quarter valued at approximately $14,584,000. Finally, Bank of New York Mellon Corp bought a new stake in Innoviva in the 2nd quarter worth $11,607,000. 99.12% of the stock is owned by institutional investors.

About Innoviva

Innoviva, Inc. is a biopharmaceutical company with two main areas of activity: royalty interests in respiratory medicines developed with GSK and the development and commercialization of specialty medicines. Its respiratory-related royalties include products such as Trelegy Ellipta, Anoro Ellipta and Breo Ellipta, which are used to treat chronic obstructive pulmonary disease and asthma and are marketed by GSK. Through its specialty therapeutics operations, Innoviva focuses on medicines for serious infections and other acute-care conditions.