Innoviva (NASDAQ:INVA) Stock Price Passes Above 200 Day Moving Average – What’s Next?

Innoviva, Inc. (NASDAQ:INVA)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $19.57 and traded as high as $19.83. Innoviva shares last traded at $19.55, with a volume of 589,734 shares traded.

Analyst Ratings Changes

A number of analysts have recently weighed in on INVA shares. Zacks Research lowered Innoviva from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Wall Street Zen upgraded shares of Innoviva from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 25th. Cantor Fitzgerald increased their price target on shares of Innoviva from $29.00 to $31.00 and gave the company an “overweight” rating in a research report on Thursday, November 6th. Weiss Ratings restated a “buy (b)” rating on shares of Innoviva in a research report on Monday, December 29th. Finally, HC Wainwright upped their price objective on shares of 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 issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $38.80.

Innoviva Trading Down 0.9%

The company has a quick ratio of 13.33, a current ratio of 14.12 and a debt-to-equity ratio of 0.25. The firm’s fifty day moving average is $20.19 and its two-hundred day moving average is $19.57. The firm has a market cap of $1.46 billion, a P/E ratio of 14.27 and a beta of 0.44.

Innoviva (NASDAQ:INVA) last issued its quarterly earnings data on Wednesday, November 5th. The biotechnology company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.46 by $0.62. Innoviva had a net margin of 32.78% and a return on equity of 28.17%. The business had revenue of $107.80 million during the quarter, compared to analyst estimates of $91.31 million. Analysts predict that Innoviva, Inc. will post 0.33 earnings per share for the current fiscal year.

Institutional Trading of Innoviva

Several institutional investors and hedge funds have recently bought and sold shares of INVA. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in shares of Innoviva by 49.9% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 173,119 shares of the biotechnology company’s stock worth $3,457,000 after acquiring an additional 57,616 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Innoviva by 49.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,633 shares of the biotechnology company’s stock valued at $73,000 after purchasing an additional 1,197 shares during the period. CWM LLC boosted its position in shares of Innoviva by 24.5% during the fourth quarter. CWM LLC now owns 9,037 shares of the biotechnology company’s stock valued at $181,000 after purchasing an additional 1,780 shares in the last quarter. Assetmark Inc. grew its stake in Innoviva by 3.9% in the fourth quarter. Assetmark Inc. now owns 185,319 shares of the biotechnology company’s stock worth $3,705,000 after purchasing an additional 7,018 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in Innoviva by 71.1% in the fourth quarter. State of Alaska Department of Revenue now owns 51,549 shares of the biotechnology company’s stock worth $1,029,000 after purchasing an additional 21,424 shares in the last quarter. 99.12% of the stock is currently owned by hedge funds and other 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.