Innoviva (NASDAQ:INVA) Sets New 12-Month High – Here’s Why

Innoviva, Inc. (NASDAQ:INVA)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $20.24 and last traded at $20.24, with a volume of 64805 shares trading hands. The stock had previously closed at $19.88.

Analysts Set New Price Targets

Several research analysts recently commented on INVA shares. StockNews.com downgraded shares of Innoviva from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating on shares of Innoviva in a research report on Tuesday, July 30th.

Innoviva Price Performance

The firm has a market cap of $1.26 billion, a P/E ratio of 8.95 and a beta of 0.57. The company has a current ratio of 12.70, a quick ratio of 11.40 and a debt-to-equity ratio of 0.67. The firm has a 50-day simple moving average of $19.15 and a 200-day simple moving average of $17.16.

Innoviva (NASDAQ:INVA) last posted its earnings results on Wednesday, July 31st. The biotechnology company reported $0.68 earnings per share (EPS) for the quarter. The company had revenue of $99.90 million for the quarter. Innoviva had a return on equity of 33.26% and a net margin of 44.00%. As a group, analysts forecast that Innoviva, Inc. will post 0.5 EPS for the current year.

Institutional Investors Weigh In On Innoviva

Several institutional investors have recently bought and sold shares of INVA. GAMMA Investing LLC raised its stake in Innoviva by 18.5% in the third quarter. GAMMA Investing LLC now owns 4,119 shares of the biotechnology company’s stock valued at $80,000 after buying an additional 643 shares during the last quarter. Texas Permanent School Fund Corp grew its holdings in shares of Innoviva by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 49,358 shares of the biotechnology company’s stock valued at $752,000 after buying an additional 662 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Innoviva by 6.2% in the 1st quarter. ProShare Advisors LLC now owns 16,150 shares of the biotechnology company’s stock valued at $246,000 after acquiring an additional 942 shares during the period. SummerHaven Investment Management LLC raised its stake in Innoviva by 1.7% in the 2nd quarter. SummerHaven Investment Management LLC now owns 59,853 shares of the biotechnology company’s stock worth $982,000 after acquiring an additional 980 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Innoviva by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 323,991 shares of the biotechnology company’s stock worth $4,938,000 after acquiring an additional 1,121 shares during the last quarter. 99.12% of the stock is currently owned by institutional investors and hedge funds.

Innoviva Company Profile

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.