Innoviva (NASDAQ:INVA) Share Price Crosses Above 200-Day Moving Average – Should You Sell?

Innoviva, Inc. (NASDAQ:INVA) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $20.28 and traded as high as $22.37. Innoviva shares last traded at $22.09, with a volume of 696,282 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a report on Monday, December 29th. HC Wainwright increased 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. Finally, BTIG Research reissued a “buy” rating and set a $35.00 price target on shares of Innoviva in a research report on Thursday, February 26th. Five 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.80.

Innoviva Stock Up 0.9%

The firm has a market cap of $1.64 billion, a P/E ratio of 7.24 and a beta of 0.42. The firm’s 50-day moving average price is $21.56 and its 200 day moving average price is $20.28. The company has a debt-to-equity ratio of 0.22, a current ratio of 14.64 and a quick ratio of 13.85.

Innoviva (NASDAQ:INVA) last announced its quarterly earnings data on Wednesday, February 25th. The biotechnology company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $0.34 by $1.60. Innoviva had a return on equity of 37.63% and a net margin of 65.92%.The firm had revenue of $114.61 million during the quarter, compared to analyst estimates of $102.62 million. On average, equities research analysts expect that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innoviva

A number of institutional investors have recently made changes to their positions in INVA. Vanguard Group Inc. raised its position in shares of Innoviva by 11.6% during the 4th quarter. Vanguard Group Inc. now owns 7,917,103 shares of the biotechnology company’s stock valued at $158,263,000 after acquiring an additional 819,757 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Innoviva by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,360,401 shares of the biotechnology company’s stock worth $87,164,000 after purchasing an additional 30,048 shares during the period. State Street Corp increased its stake in Innoviva by 9.4% during the fourth quarter. State Street Corp now owns 2,796,820 shares of the biotechnology company’s stock valued at $55,908,000 after purchasing an additional 239,848 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Innoviva by 38.1% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,358,633 shares of the biotechnology company’s stock worth $43,045,000 after purchasing an additional 650,151 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Innoviva by 13.8% during the third quarter. American Century Companies Inc. now owns 2,351,006 shares of the biotechnology company’s stock worth $42,906,000 after purchasing an additional 284,253 shares during the period. 99.12% of the stock is currently owned by institutional investors.

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.