Innoviva (NASDAQ:INVA) Hits New 52-Week High – What’s Next?

Innoviva, Inc. (NASDAQ:INVA) reached a new 52-week high during trading on Wednesday . The stock traded as high as $23.91 and last traded at $23.85, with a volume of 929015 shares changing hands. The stock had previously closed at $22.70.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on INVA. Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. 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. Zacks Research cut shares of Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Cantor Fitzgerald lifted their price target on Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Finally, BTIG Research assumed coverage on Innoviva in a research report on Tuesday. They set a “buy” rating and a $35.00 price target for the company. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.17.

Innoviva Trading Down 0.7%

The stock has a market capitalization of $1.76 billion, a P/E ratio of 17.14 and a beta of 0.44. The business’s fifty day simple moving average is $20.47 and its two-hundred day simple moving average is $19.88. The company has a current ratio of 14.12, a quick ratio of 13.33 and a debt-to-equity ratio of 0.25.

Institutional Trading of Innoviva

A number of institutional investors and hedge funds have recently modified their holdings of INVA. Marshall Wace LLP grew its holdings in shares of Innoviva by 870.3% in the 2nd quarter. Marshall Wace LLP now owns 1,332,966 shares of the biotechnology company’s stock valued at $26,779,000 after buying an additional 1,195,596 shares during the period. Vanguard Group Inc. lifted its holdings 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 in the last quarter. Arrowstreet Capital Limited Partnership grew its stake 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 acquiring an additional 786,409 shares during the period. Boston Partners grew its stake in Innoviva by 63.6% in the third quarter. Boston Partners now owns 1,431,601 shares of the biotechnology company’s stock valued at $26,125,000 after acquiring an additional 556,517 shares during the period. Finally, Royce & Associates LP increased its holdings 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 worth $9,233,000 after acquiring an additional 437,654 shares in the last quarter. 99.12% of the stock is owned by institutional investors.

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.