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

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on INVA. BTIG Research assumed coverage on Innoviva in a research note on Tuesday. They set a “buy” rating and a $35.00 target price for the company. Zacks Research downgraded Innoviva from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. HC Wainwright lifted their price objective on Innoviva from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Cantor Fitzgerald upped their target price on Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Innoviva currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.17.

Innoviva Trading Up 5.1%

The company has a market cap of $1.78 billion, a P/E ratio of 17.41 and a beta of 0.44. The business has a fifty day simple moving average of $20.35 and a 200 day simple moving average of $19.83. The company has a debt-to-equity ratio of 0.25, a quick ratio of 13.33 and a current ratio of 14.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of INVA. Elevation Point Wealth Partners LLC bought a new position in Innoviva in the second quarter worth about $43,000. EverSource Wealth Advisors LLC raised its position in shares of Innoviva by 297.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,398 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,795 shares during the period. Danske Bank A S acquired a new stake in shares of Innoviva during the 3rd quarter worth approximately $55,000. Asset Management One Co. Ltd. bought a new stake in shares of Innoviva in the 3rd quarter worth approximately $60,000. Finally, Toth Financial Advisory Corp acquired a new position in Innoviva during the 3rd quarter valued at approximately $63,000. 99.12% of the stock is owned by institutional investors and hedge funds.

About Innoviva

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.