Innoviva (NASDAQ:INVA) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Innoviva, Inc. (NASDAQ:INVA) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $19.55 and traded as high as $19.78. Innoviva shares last traded at $19.76, with a volume of 821,615 shares.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on INVA shares. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. Wall Street Zen raised shares of Innoviva from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 25th. The Goldman Sachs Group began coverage on shares of Innoviva in a research note on Tuesday, September 30th. They issued a “sell” rating and a $17.00 price target for the company. Zacks Research lowered shares of Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Finally, HC Wainwright raised their target price on Innoviva from $45.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.80.

Innoviva Price Performance

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 business’s fifty day moving average price is $20.55 and its 200-day moving average price is $19.54. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 14.19 and a beta of 0.44.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.62. The business had revenue of $107.80 million for the quarter, compared to analysts’ expectations of $91.31 million. Innoviva had a net margin of 32.78% and a return on equity of 28.17%. On average, research analysts forecast that Innoviva, Inc. will post 0.33 EPS for the current year.

Institutional Investors Weigh In On Innoviva

Institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP lifted its stake in Innoviva by 870.3% during the 2nd quarter. Marshall Wace LLP now owns 1,332,966 shares of the biotechnology company’s stock valued at $26,779,000 after acquiring an additional 1,195,596 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of 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 purchasing an additional 786,409 shares during the last quarter. Boston Partners lifted its position in shares of Innoviva by 63.6% during the third quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock valued at $26,125,000 after purchasing an additional 556,517 shares in the last quarter. Royce & Associates LP boosted its holdings in Innoviva by 641.2% during the third quarter. Royce & Associates LP now owns 505,906 shares of the biotechnology company’s stock worth $9,233,000 after purchasing an additional 437,654 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its position in Innoviva by 68.2% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,023,534 shares of the biotechnology company’s stock worth $18,679,000 after purchasing an additional 414,889 shares in the last quarter. Institutional investors 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.